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Government hits financial market again.
Government hits financial market again.
The Government has launched the sale of 10-year treasury bonds, shortly after it concluded the April sales. Sources close to the Ministry of Finance indicate that the interest rate attached to these bonds is seven per cent. It is worth recalling that since the establishment of the BEAC financial market in 2011, this is the first time the 10-year bonds have been traded. Some FCFA 25 billion is expected to be raised when the sales are done. This will add to the FCFA 140 billion already raised when the five, three and two-year bonds were sold on April 8, 15 and 29, respectively.
In an exchange with the press last week, the Minister of Finance, Louis Paul Motaze, said it was obvious they would be going back to the financial market to continue looking for funds to foot state bills. Reports indicate that sales of the five-year bonds will be extended with an ambition to raise some FCFA 30 billion more. Government hopes to have raised the targeted FCFA 220 billion by June when this phase is concluded.
The increased spending caused by the coronavirus pandemic and the already difficult financial situation resulting from the drop in oil prices have made things more complicated. Minister Louis Paul Motaze last week said the government is bound to launch a rigorous campaign to look for money in order to avoid a bleak future.
Culled from Cameroon Insider