FCFA 700 Billion HIPC Money To Transit Through France

By Joe Dinga Pefok

First Secretary at the French Embassy in Yaoundé Laurent Oriol has said Cameroon will have to pay France some FCFA 700 billion being loans it took through the French Development Agency. This money, he said, would have to be raised following Cameroon's attainment of the completion point of the HIPC Initiative.

Speaking in Douala on Monday, May 15 at a seminar on economic reporting organised by the Union of Francophone Press, UPF, the diplomat said Cameroon would have to first send FCFA 700 billion in a bilateral debt relief agreement between France and the latter, before it is returned to the country.

Oriol explained that the bilateral and multilateral debt cancellation, from which Cameroon will benefit FCFA 1400 billion over a period of 10 years, would be handled in different ways.

For the multilateral the debt relief, the Bretton Woods Institutions will supervise it. Cameroon is expected to raise a portion that will be put in a special account at the Central Bank, BEAC, as HIPC funds to be used on approved projects in selected domains for poverty alleviation.

As for bilateral debt relief, Oriol stated that Cameroon will first reimburse, by instalment, the French Development Agency all the money it owes. The Agency will then officially inform the French government. The French government will later officially instruct the Agency to send back the money to Cameroon for poverty alleviation over three years or more.

Oriol disclosed in Cameroon, the funds will be kept in a special account, and will be jointly managed by Cameroon and the French Development Agency with two signatories to the account.

Asked why the FCFA 700 billion would have to make the round trip, it was said that France would enjoy the profits generated by money if banked in France, whereas Cameroon would be the one to enjoy if the money is banked here in the country.

Oriol explained that the French Development Agency gave the money to Cameroon as a loan, and that it was an economic transaction and not a political decision. He further disclosed that the French and Cameroon governments have agreed that the funds will be used to sponsor projects in four sectors, which will include basic education, health, and infrastructure like roads.

Oriol stated that no part of the funds would be used to increase the salaries of civil servants. He was evasive as to why France did not consider an increase in salary, which many people in Cameroon today see as a major way to fight poverty and corruption.

The diplomat also dismissed views that since the French Development Agency will be directly involved in the management of the HIPC funds, it would influence the award of contracts in favour of French companies.   

Comments

[rexon]

I want the criminals in this forum to inform us if it is France that is managing Cameroon or Cameroon managing itself.

Best regards.

[Clear]

Does Cameroon have economists? If it does, who are they and what proposals have they made concerning the economic development of Cameroon? Or do they even worry about Cameroon's economy? I know that professors of economics in Cameroon universities know much about the economies of Europe and America than they do about Cameroon's. Or do they also teach their students about Cameroon's economy? If they don't, then we should not blame France for running our economy for us. The fact of the matter is that we can't run our economy by ourselves.

[dango tumma]

they are all french bastards,
they dont even know that without a currency, they are only a dependent province of france, with their cfa
thats the major reason southern cameroons must became independent, cause its was never a french colony.

[Kumbaboy]

A solution to Oriol's snaky formula is for Cameroon to give France the interest on FCFA 700 billion. At 5% interest, we are talking of FCFA 35,000 million or US$175m.

That snaky formula is France's attempt to avoid granting real AID to Cameroun by hoarding money from the past and using it instead. Creative accounting by les Messieurs.

France is the largest source of tropical hard woods in the developed World, most of which is harvested from Cameroon forests through dubious logging contracts.

Monsieur Oriol, grow up. We the Anglophones are fade up to our teeth with France's incestuous relationship with France Afrique. Your language has depreived the region of real access to the World. $200m is peanuts to France. Back off.

[Tugi Akwen]

Cameroon buys exclusively from France to maintain munitions stockpiles, the national railways, oil refinery, military hardware, etc. These purchases create jobs in France.

France buys cheaply from Cameroon coffee, bananas, wood, smelted aluminium to build aeroplanes, etc. These transactions create more jobs and wealth to France.

It is childish to be asking for the repayment of $175m.

[Charles F. , Brussels]

It is high time we let the French man control the doings of 'La republique' and not that of the Southern Cameroons by forcing a divoice of the zero mariage.

It could also be another means through which our dubious leaders in Cameroon want the money to get out and be shared amongst them.

All is possible in Cameroon'La republique'

[cosy ngeh]

this is not the first time the french are doing this to their oversee province(la republic),it has always been like that and it will continue to be like that untill thy kingdom come,so why should we cry foul,

[maishu]

Fortunately,military coups are rare these days and our army and other so-called forces of law and order are too busy collecting their ransom from us -otherwise that statement by a low-level French apparatchik would be enough cause to overthrow a government in a self-respecting, independent (so-called) country.
That statement is a striking example of how dependent Cameroon has become. It is indicative of how spineless our leadership is and how rudderless the management of the country has become. Just a shame.
This is France which would have been in the same category as Spain, Italy and Portugal,the bastard children of the European Community,were it not for the wanton exploitation of the resources of its former colonies in Africa.France is considered a world power among other reasons because African countries, unlike the orientals in Vietnam (remember the French debacle at Dien-Ben-Phu)do not have the will or determination (trust me - it is not a matter of resources)to be masters of their own destiny.More than fourty years after independence, a French boy still has to come and tell this country and its government that they cannot get the money unless it goes through France. God forbid!!

[Tawak Kenneth]

Whether the money passes via France or where, is the money while in Cameroon doing to save its purpose?, and is the money sure to reach its destination in its original form?.
Lets forget about where the money is to pass, and think of what the money is going to do if at all.......!!
Ken,
Finland

[Akoson]

This is execrable!

Rexon, what are you guys doing??? You call yourselves freedom fighters. Are you just singing songs and enjoying the proceeds of money you get from wherever or you're serious? You guys, leaders of the SCYL must do something else you'll not get our support. We're becoming sick and tired of this nonsense!

Your lobbying strength and whatever procedures you're going through needs much be desired. The earlier you open your doors for some of us to tailor the affairs of the movement, the better. The present leadership has failed us woefully. I'm sick!

Son Of Ako, LSE.

.

[Wally]

Rexon and all the freedom fighters! Rethink your strategy and you'll get overwhelming support. i can see this and everyday i weep, thinking of what we're going through. But yet we lament and do nothing...For how long must we wait?

[Rexon]

Akoson and Wally,

The SCNC has a leadership that has a very important strategy in place. This strategy embodies our independent movement to the development and management of the affairs of the Southern Cameroons in the future.

This strategy has several stages,caveats and plan to follow. I can tell you that we are succeeding. All we need is the support and encouragement of you guys for the moment.

We shall soon be free from the current mess called la republique francaise du cameroun.

[samleyin]

ken Finland,

Give me a break!
We cannot forget about where the money has to pass and think only about where it will finally get to. Do you know that interest compounding are spin-off activities of where a money is kept? Do you know the $1.27B cameroon borrowed long ago that is been cancelled transformed into the deadly some of about $4.5B due to interset charge accumulations? just think of what the difference in this USD can bring about in this disease ridden, poverty stricken infested gutter of a jungle with a single medical universtity that cannot even graduate up to a hundred medical staff on a yearly basis. God give us justice. I do not think this Frenchies are ever gonna quit. I am not sure unless we rise to arms now.

Rexon, Tayong, Pa Ngembus, Masamoyo, Legima Doh, Washow, Akonson, kiki, Ma Mary, SJ, and the rest, Please tell me what to do. I am passing out. ohhhhhhhhhhhhhhhh!

[Clear]

The economists, please! Give me some names whether they are French-speaking or English-speaking. Who are the economists in Cameroon and what are they saying about this despicable transaction? What are they saying about the sorry Cameroonian economy?

[Legima Doh (LD)]

Rexon,
Thanks for the noble answer to the worries of some of our comrades.
Thanks to commentators on the said article.
Charles F,
You are very correct cos the struggle is geared towards divorce from La Republique and not a matter of the Southern Cameroons fighting for equal rights as a wife of La Republique which is what the so called federation is all about.
Brother Samleyin,Akoson and Wally,
Your ideological ambition to do something fast as per the SCNC struggle is much desired and such a spirit is appreciable.But the fact is that there is a difference between the approach desired by the enthusiatic youth league and that of the mother SCNC.The former wants to go by the argument of force whereas the latter stands on the force of argument.You are right in what you said and I am sure that as time unravels the more degenerate state of the homeland due to the atrocious treatment from LRC,it will not long from now call for a reconciliation between the two ideologies so to go on arms while working diplomatically.We are all ready to support in whatever capacity but a concensus is to be arrived at as a prerequisite so that all actions are made wisely.You know when a goat is pushed to the wall,it may bite.
God save our motherland.
Legima Doh,
For SCNC Sweden

[BennyT]

Kumbaboy,

I'm not quite sure I understand your analysis on what the above article actually means.

The article states:

As for bilateral debt relief, Oriol stated that Cameroon will first reimburse, by instalment, the French Development Agency all the money it owes. The Agency will then officially inform the French government. The French government will later officially instruct the Agency to send back the money to Cameroon for poverty alleviation over three years or more. [End quote]

What this means to me is that we first have to pay back to France (the French Agency) all the money we owe them. After this is done, then they would give us back what they'd agreed was the relief on the loan. In other words, if you owe me a million CFA, and if I in principle agree to cancel 300,000 of that, using this French system, you should first pay me back the million, and only after that is done would I pay you back the 300,000 -- after a period of time.

Is this what everyone understands this to be? Because if it is, then we're being had. It wouldn't be debt relief at all. They'd just collect their loan in full, invest it, and pay us back some of the profits of that investment. Not a crime in itself per se, just that the claims of "Debt Relief" would be pulling the wool over our eyes. People, this means we won't be seeing any money for a long, long while. That's my take on it. Any other takers?

[Fon Lawrence]

Dear Cameroonians,I continue to be disturbed on the approach /our way of reasoning so far on this forum.I hold strongly that we have gone completely off target concerning a route to realising a solution to the problems plaguing our mother land.We have completely abandoned the true fight; our primary objective was to put our energy and resources together to fight our come enemy,the CPDM that has brought misery to our land,but we find now ourselves divided into camps and fighting each other.Our objective about the debate is now to see which camp will be declared the winner and people now turn to behave as if we are in court;people tell all kinds of lies so that their group can have an edge over the other.The question I would like to put forward is this,if one of the camps on this forum is declared winner,has that group anything to profit or will there be any solution to the misery in our country? Why are we shortsighted? We have often said Biya is using divide and rule tactics to continue to hang on power,who is dividing us now to the advantage of the Biya´s regime?

Of course there are some on this forum who have benefited and will continue to benefit from the dreaded regime;but how many of them are there on this forum? Is their number worth that which can derail us? Is it worth that which can keep dividing us to their advantage? Is their number worth anything to detect our pace on this forum?

Declaring my Camp winner will mean absolutely nothing to me as I have not yet seen how that has enervated our enemy,the CPDM.The camp that I happened to have found myself there has stood for a strong and indivible SDF; to us we think that is that way forward. We have said even if Fru Ndi has his weaknesses,as of know nobody can dispute the fact that he remains the best choice to captain the SDF ship.This can be seen from the support he still enjoy within SDF militants.On the other hand should the weaknesses of Fru Ndi overshodow the fight to liberate Cameroonians from misery?
We should not also forget that Prof Ngwasiri has relatives and there are people here who will like to derail us simply because of their family attachments to Ngwasiri.I know some people will be quick to ask me if Fru Ndi hasn´t relatives,but there is a difference between the two;the mojority is for Fru Ndi and lets give him the support to have just one strong SDF and when we find another person who can do it better that Fru Ndi,we give that person our support,in this way we can move forward.
Dear readers,let me try to summary as follows:If you belong to a camp,
ask yourself how the ideas of that camp can lead to a solution of our present misery

Our debate here should not be tailored in a way so as to declared a camp victorious,but we should learn to accept facts;in this way we will come closer and unit (with the exception of those who see their futur threaten with the fall of the CPDM) to fight our common enemy,the CPDM.
If we continue as before,the only camp I see wining is the CPDM minority camp as it is their interest to see us remain divided.

I keep praying for all that we may soon come to reason as one.
God bless all of us

[Fon Lawrence]

Dear Cameroonians,I continue to be disturbed on the approach /our way of reasoning so far on this forum.I hold strongly that we have gone completely off target concerning a route to realising a solution to the problems plaguing our mother land.We have completely abandoned the true fight; our primary objective was to put our energy and resources together to fight our come enemy,the CPDM that has brought misery to our land,but we find now ourselves divided into camps and fighting each other.Our objective about the debate is now to see which camp will be declared the winner and people now turn to behave as if we are in court;people tell all kinds of lies so that their group can have an edge over the other.The question I would like to put forward is this,if one of the camps on this forum is declared winner,has that group anything to profit or will there be any solution to the misery in our country? Why are we shortsighted? We have often said Biya is using divide and rule tactics to continue to hang on power,who is dividing us now to the advantage of the Biya´s regime?

Of course there are some on this forum who have benefited and will continue to benefit from the dreaded regime;but how many of them are there on this forum? Is their number worth that which can derail us? Is it worth that which can keep dividing us to their advantage? Is their number worth anything to detect our pace on this forum?

Declaring my Camp winner will mean absolutely nothing to me as I have not yet seen how that has enervated our enemy,the CPDM.The camp that I happened to have found myself there has stood for a strong and indivible SDF; to us we think that is that way forward. We have said even if Fru Ndi has his weaknesses,as of know nobody can dispute the fact that he remains the best choice to captain the SDF ship.This can be seen from the support he still enjoy within SDF militants.On the other hand should the weaknesses of Fru Ndi overshodow the fight to liberate Cameroonians from misery?
We should not also forget that Prof Ngwasiri has relatives and there are people here who will like to derail us simply because of their family attachments to Ngwasiri.I know some people will be quick to ask me if Fru Ndi hasn´t relatives,but there is a difference between the two;the mojority is for Fru Ndi and lets give him the support to have just one strong SDF and when we find another person who can do it better that Fru Ndi,we give that person our support,in this way we can move forward.
Dear readers,let me try to summary as follows:If you belong to a camp,
ask yourself how the ideas of that camp can lead to a solution of our present misery

Our debate here should not be tailored in a way so as to declared a camp victorious,but we should learn to accept facts;in this way we will come closer and unit (with the exception of those who see their futur threaten with the fall of the CPDM) to fight our common enemy,the CPDM.
If we continue as before,the only camp I see wining is the CPDM minority camp as it is their interest to see us remain divided.

I keep praying for all that we may soon come to reason as one.
God bless all of us

[Kumbaboy]

Benny T:

Note that the French Development Agency is NOT a private Bank but part and parcel of the French Government. The key decisions are made by the same persion - French Minister for Economic Co-operation and Development.

The convoluted explanation by Oriol is disgusting. What the French Government wants to do is collect FCFA 700 billion from Cameroon now and then hand it back to Cameroon over a period of 3 to 10 years.

With France, the money comes as technical assistance through the French Ministry of Economic Co-operation and Development. The salaries of French nationals infused into these so-called development programs will wipe out over CFA 600 billion.

That will be a net loss for Cameroon. It also means that the French Government will not have to find new money to help Cameroon in a period of 3 to 10 years. That is the wicked plot.

The diplomat Oriol surely assumes les negres Africaines cannot see the sick trick.

[BennyT]

Kumbaboy,

I hear you, and in terms of emotional response, we're on the same page. But in interpretation, I think I'm more pessimistic than you. What I think they're saying is that we pay them 700 billion (everything we owe them) over 10 years, and then in return they'll give us back a percentage of that -- whatever percentage they'd agreed upon and which goes to contribute towards the total "Debt Relief" -- over a period of 3 years.

I see nothing whatsoever to celebrate about such a scenario as it shows once more how foreign entities make grand statements about giving to Africa on the one hand, while ripping us off on the other. They're giving us absolutely nothing, in my humble opinion, if as you say, (and is usually the case) most of what "comes back" to us will be in the form of contracts and salaries to French nationals. They all do this, have always done, and it's sickening that our so-called leaders sit there and get duped time after time. Or, are they really being duped? If Paul Biya and his ministers all have French passports and see themselves as French citizens, then they're only serving their fatherland, after all. Boy, oh boy. Somebody get me a gun and a golden bullet.

[chant]

Relax my fellow country men is not as bad as you guys think. Like many of you, I dont like the idea of the Frence directly involved in the management this funds. The alternative is not good either. Biya's gov has proven, it can not manage anything is a shame. I am sorry guys I will rather see big borther keep an eye on this money tham Biya and his buddies in yaounde

[Dr. A. A. Agbormbai]

While suspicious eyes may justifiably be cast on France, because of its historical record in French Africa, we must also remember that attaining the completion point only made sense if steps were taken to prevent the released money from being diverted into personal pockets.

I suspect that this is France's way of attempting to do so. However, as we do not really know, we must wait and see what are its true intentions.

[Tayong(Copenhagen)]

Document of anglophone black friday(1).Read on guys....

Conflicting Views
The path to the unitary state of Cameroon began in 1959 with a difference of views expressed between the Premier of Southern Cameroons and the Prime Minister of Cameroun at the UN. Addressing the General Assembly, Premier Foncha of Southern Cameroons stated that he preferred a federal system of government in the event of Reunification. Also speaking at the United Nations in February 1959, the Prime Minister of Cameroun, Ahmadou Ahidjo, stated that the people he led desired Reunification and that he had taken note of Foncha's statement.

Nevertheless, the people of Cameroun did not wish to impose a unitary system (which he called integration) on their brothers under British administration by the sheer weight of numbers. However, if the Northern and Southern Cameroonians desired Reunification, the people of Cameroun were ready to discuss the method of achieving it with them on an equal footing.

The views of Augustin Ngom Jua, Foncha's deputy, were representative of the Kamerun National Democratic Party (KNDP) as a whole. He considered that Southern Cameroons should first sever its links with Nigeria and become an independent state before opening negotiations for Reunification on a federal basis. Consequently, he was determined to make Integration and Secession the sole issues in the plebiscite. Thus, when Foncha was pressured at the UN in September 1959 to compromise his position by agreeing to substitute Reunification for Secession in the plebiscite, Jua and his closest collaborators seriously considered replacing Foncha as Leader of the KNDP.

This was symptomatic of a more general unease. The UN's decision to exclude Secession from the plebiscite was, for the most part, badly received in Southern Cameroons where it flew in the face of popular expectations. The majority of petitioners condemned the restriction of the plebiscite propositions to Integration and Reunification and demanded a third option that would provide for a separate Southern Cameroons State, preferably with the Commonwealth membership. Some of them threatened to sabotage the plebiscite if Secession was not made part of it or if it was not cancelled in favour of a separate Southern Cameroons State. These protests, pleas and threats struck no responsive chord at the UN, and the clamour against the plebiscite options subsequently became more vocal and widespread

[Peter Pan]

Dr Agbormbai,

YOU SEEM TO BE A FOOLISH DOCTOR. WHAT ARE YOU TRYING TO SAY? IS IT FRANCE ROLE TO TELL US HOW TO HIDE OUR MONEY FROM GOING INTO PEOPLES POCKETS? WHY CANT THEY SEND BACK ALL THE OTHER FUNDS THAT THEY HAVE STOLEN FROM AFRICA? YOU SEEM TO HAVE NOTHING TO SAY IN YOUR SOO CALLED MODERATED VIEWS. MAN, STAY QUIET.

[BennyT]

Agbormbai,

What "released funds" are you talking about? Look at the fine print in this French instance: Cameroon will not see anything for another 11 years, at the earliest. And then the French want to co-sign everything at that time. What they've managed to get us do is repay our loan in full under duress -- we could have taken 20 years (or however long it took us) before to repay, but now it's got to be done within 10 years, and then they'll take 3 years to give us back a small percentage. When I spelt out this scenario to a White colleague, straightaway he laughed (straightaway, mind you) and said that France was playing us. And you're trying to tell me that this was the action of a people we can trust? Some people on this forum have called you a fool and an idiot before. I won't go that far, but one thing I know: I certainly don't want to ever have you representing Cameroon and sitting across a negotiating table. It's so clear now how come our people were sold down the river for trinklets -- their leaders' thinking was not a million miles away from yours.

[njikih]

The financial issue by the French boy does not suprise me. Their devellish intention remains the same. Let me ask you guys on this forum this question: where is our foreign reserve? To those of you who know about it, it is the same as what the French boy is preaching. To the best of my knowledge, this is not a way to help us. If actually the French government wants to help us, they should force our government to invest this money in selected projects under their supervision not draining this money out of our economy.By so doing, there will be jobs creation enabling our people to be employed. This will have a multiplier effect on our economy because the effect will be felt immediately. Interpreting what the French master has said, it means that our economic growth will be greatly affected as the government will forgo some projects to raise this money. The French man will never help Cameroon nor Africa in any domain as they are out to render us with nothing.

[Akpara Woman]

Cameroon pipo dem. Na so so tak go kill wona all. Wona go write so tai dis computer explode, wona suffer go only de multiply.
Action far way for wona plan. So make wona all shut up and continue for suffer. Foolish pipo dem all. Sheepish pipo dem sef. Baluk.
Tok tok tok tok.
33 Export and kai kai don spoil wona all.
Akpara Woman

[Truemassa]

To all Southern Cameroonians:
All Southern Cameroonians should be ready to fight back. Start compiling the names of all policemen and gendarmes who are sent to brutalize Southern Cameroonians, compile the names of the children of traitors such as Inoni and Yang who have used the Southern Cameroon issue in the USA to gain asylum whereas Inoni/Yang are claiming there is no such thing as an Anglophone problem, compile the names of the frogs in the US who are using the Anglophone problem to gain asylum even though they are not Southern Cameroonians. I will in my next write-up furnish addresses of the White House, State Department, US INS/Dept. of Homeland Security, Human Rights Watch, Amnesty International, United Nations, etc. for you to submit the names of these criminals so that they be hunted down when the time comes. In Serbia, NATO forces have occasionally arrested family members of butcher Karadzic. If Inoni's children in Florida are deported for filing false asylum claims, I am sure he will think twice whether truly there is an Anglophone problem. Ladies and gentlemen, we have to fight back. For those who already have these addresses, start the homework now. Comrades, we cannot wait any more. Begin by writing to the US Ambassador in Cameroon, how Inoni's children have filed for asylum in the US even though he is the prime minister, even though his children go to Cameroon and are under no persecution--send the letter to the White House. Include the names of police commissioners and government delegates in the hit list. Hit these suckers where it hurts the most. It is not only Inoni. John B. Ndeh, the disgraced ex-minister of transport is another coward whose children are in the US under asylum. Fight back comrades, fight back. Show the whole world the picture of that road to Ndian, the oil haven of Cameroon. With the help of our own stooges (Inoni, Yang, Agbor Tabi, Abety, etc.), LRC is constantly using its guns and teargas on innocent Southern Cameroonians, we can use our heads and pen to punish them. We MUST start now. God Bless Southern Cameroon.

[Akoson]

Hey Truemassa,

You've spoken well but I for one needs hard proofs to show that Inoni's children are under asylum status in America. If you can do this then be sure to get this over almost all famous media houses like BBC and CNN...this message we'll be sent by my team. Trust me!

I'm waiting!

Son Of Ako, LSE.

[rexon]

Akoson,

I dont think you know the politics of la republique francaise du Cameroun. Even if Truemassa is wrong to suggest that Inoni's Children are asylee's in the US, i think there are other core members in the CPDM government whose children are under asylum in the US. Some reside around the new england area. We need to track them even here in europe and give their names to all immigration services. We neeed to also track down our brothers east of the moungo who have confided against our struggle and are on the other hand claiming political asylum as southern cameroonians. Our own future is not an issue to joke with. If they think we dont have a right to live, then we have to prove to them that we are natural human beings and not animals.