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Mon 12 Apr, 2021 – 8:45 AM ET
Fitch Ratings – Hong Kong – 12 Apr 2021: Fitch Ratings has revised the Outlook on Cameroon’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at ‘B’.
KEY RATING DRIVERS
The revision of the Outlook reflects that the pandemic shock caused only a mild deterioration in public finances, which Fitch expects will be reversed, and confidence that the government will secure sufficient funding in the medium term, limiting debt service and refinancing risks.
Cameroon’s public finances have proven relatively resilient to the pandemic shock and we expect the deficit to be on a downward path over the medium term. The fiscal deficit on a cash basis widened in 2020 to 4.5% of GDP from 3.0% in 2019, owing to an only mild hit to tax collection and limited expenditure increases in response to the coronavirus shock (1.3% of GDP), given financing constraints. The phasing-out of pandemic-relat ....

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