In a significant move aimed at alleviating the financial strain on local councils in Cameroon’s North-West and South-West regions; President Paul Biya has approved the cancellation of over 4 billion CFA in debt. This decision comes as a relief to the municipalities that have been heavily impacted by the ongoing Anglophone crisis, which has led to a slowdown in economic activities and deterioration of infrastructure.
The debt cancellation was announced during the North West Regional Assembly session held on September 16th, 2024, and officially adopted during an extraordinary session of the Special Council Support Fund for Mutual Assistance (FEICOM) Board of Directors on August 31st. The move is expected to provide these councils with the much-needed financial flexibility to redirect funds towards essential development projects and improve services for the affected communities.
The North-West and South-West regions of Cameroon have been embroiled in a socio-political crisis for several years, leading to increased operating costs and indebtedness for the local councils. The cancellation of the 4.6 billion CFA debt represents 75% of the outstanding debt owed by the 62 municipalities concerned. This act of solidarity by the government is seen as a step towards empowering the councils to accelerate local development in the face of adversity.
The President of the North-West Regional Executive Council, Prof. Fru Angwafo III, expressed appreciation for the decision, highlighting its importance for regional development. He emphasized that this gesture by the President of the Republic is a means of empowering councils to do more in accelerating local development, especially in light of the challenges posed by the 8-year armed conflict.
This development is a testament to the government’s commitment to supporting local authorities during challenging times. It also reflects the principle of solidarity that governs FEICOM’s operations, considering the low impact of the outstanding debt on the institution’s financial balance and the overall improvement of the security situation.
As the regions look forward to leveraging this financial reprieve, it is hoped that the councils will be able to focus on rebuilding and enhancing the quality of life for their residents. Debt relief is not just a financial measure but also a symbol of hope for the people in these conflict-affected areas, signaling a move toward recovery and sustainable development.
