The Chinese government has waived about $78 million off Cameroon’s debt as part of its unreserved support to relieve the country of economic hassles. The announcement was made by Yang Jiechi, a special representative of the Chinese President Xi Jinping, shortly after a meeting President Paul Biya in Yaounde.

The sum being waived should have been paid in 2018, but Cameroon failed to pay. Figures from the Autonomous Sinking Fund, a public body that manages Cameroon’s external debt shows that the central African country’s debt burden to China is estimated at $5.7 billion.

For over a decade, China has been Cameroon’s leading funder with about $400 million granted yearly as loans or donations towards projects, dams, hospitals, etc. However, after the country defaulted some of the loan terms China moved to stiffen financing access conditions.

In September 2018, the country’s president went to China for the third summit of the China-Africa Cooperation during which he reportedly pleaded with Chinese authorities to ease Cameroon’s debt burden.

It is also important to note that following the 2015 feud between minority English-speaking regions and the Cameroonian government, the economy has suffered some major setbacks. To this regard, China has shown support as a partner by providing $3 million to cater for casualties of the crisis.

However, analysts have expressed reservations about Beijing’s motives warning that it is a move to get greater access to the country’s resources.

Cameroonian economist, Ariel Gnitedem warns that “China wants to control the subregional market and is the gateway.”    “It is possible they also want a greater share in the enormous natural resources in Cameroon which is essential to feed its home industries,” he added.

Although the Chinese government has debunked these claims, emphasizing the need for both countries to work closely together for mutual benefits, we cannot overlook these fears. Over the past years, there have been cases of loan repayment issues where African countries forfeit part or all their key assets to China due to inability to repay debt.

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