Document of The World Bank FOR OFFICIAL USE ONLY MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION TO THE

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1 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Document of The World Bank FOR OFFICIAL USE ONLY MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON DEBT RELIEF GRANT AND ASSISTANCE TO THE REPUBLIC OF CAMEROON UNDER THE Report No CM ENHANCED HEAVILY INDEBTED POOR COUNTRIES (HIPC) DEBT INITIATIVE Poverty Reduction and Economic Management Africa Region April 12, 2006 This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization.

2 CURRENCY EQUIVALENTS Currency = CFAF 1 US Dollar = CFAF 542 (as of April 12,2006) FISCAL YEAR January 1 to December 3 1 ABBREVIATIONS AND ACRONYMS AfDB AfDF APR ARMP ART BDEAC BEAC CAA CAMAIR CAMRAIL CAMSUCO CAMTEL CAMWATER CDC CEMAC CFAF DHS DPT3 DSA EITI GDP GNI HIPC HIV-AIDS IBRD IDA IMF JSA JSAN MDGs MDRI MINEDUB MTEF NPV PAD PNG PRGF PRSP RBM SAC111 SDRs African Development Bank African Development Fund Annual Progress Report Public Procurement Regulatory Agency Telephone Regulatory Agency Central African States Development Bank Bank of Central African States Debt Management Agency (Cuisse Autonome d 'Amortissement) Cameroon Airlines Cameroon Railways Cameroon Sugar Company Cameroon Telecommunications Cameroon Water Utilities Corporation Cameroon Development Corporation Economic and Monetary Community of Central Africa CFA Franc Demographic and Health Survey Diphtheria, Pertussis, Tetanus Debt Sustainability Analysis Extractive Industries Transparency Initiative Gross Domestic Product Gross National Income Heavily Indebted Poor Country Human Immunodeficiency VirudAcquired Immune Deficiency Syndrome International Bank for Reconstruction and Development International Association for Development International Monetary Fund Joint Staff Assessment Joint Staff Advisory Note Millennium Development Goals Multilateral Debt Relief Initiative Ministry o f Basic Education Medium-Term Expenditure Framework Net Present Value Autonomous Port of Douala National Governance Program Poverty Reduction and Growth Facility Poverty Reduction Strategy Paper Roll Back Malaria Third Structural Adjustment Credit Special Drawing Rights

3 .. 11 SMP SNEC SONEL SNH SOCAPALM SODECOTON WBI WE0 Staff-Monitored Program National Water Company (Sociktk Nationale d 'Eau du Cameroun) National Electricity Company (Sociktk Nationale d 'Electricitk) National Oil Company (Sociktk Nationale des Hydrocarbures) Cameroon Palm Oil Company Cotton Development Company World Bank Institute World Economic Outlook Vice-president = Gobind Nankani Country Director = Ali Khadr PREM Director = Sudhir Shetty Director, Debt Department = Vikram Nehru Lead Economist = Chukwuma Obidegwu Task Manager = Florence Charlier Staff Member = Luca Bandiera

4 FOR OFFICIAL USE ONLY

5 This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not be otherwise disclosed without World Bank authorization.

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7 iii MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON ASSISTANCE TO THE REPUBLIC OF CAMEROON UNDER THE ENHANCED HIPC DEBT INITIATIVE Table of Contents I. BACKGROUND FULFILLMENT OF COMPLETION POINT CONDITIONS REVISION OF EXTERNAL DEBT AND ADJUSTMENTS TO THE RELIEF APPROVED UNDER THE ENHANCED HIPC INITIATIVE... 3 IV. IDA S DELIVERY OF ASSISTANCE UNDER THE ENHANCED HIPC INITIATIVE4 V. IDA S DELIVERY OF ASSISTANCE UNDER MDRI... 6 VI. VII. PROSPECTS FOR LONG-TERM DEBT SUSTAINABILITY UNDER THE ENHANCED HIPC INITIATIVE AND MDRI... 7 SATISFACTORY FINANCING ASSURANCES FROM CAMEROON S CREDITORS... 7 VIII. THE DEBT RELIEF GRANT... 7 IX. RISKS... 8 X. RECOMMENDATION... 9 List of Figures Figure 1 : World Bank HIPC Debt Relief... 5 Figure 2: Debt Service to IDA after HIPC Relief and MDRI, List of Annexes Annex 1 : IDA Credits subject to Debt Service Reduction at the Completion Point under the Enhanced Heavily Indebted Poor Countries Initiative Annex 2: Schedule of Debt Service Reduction under the Enhanced Heavily Indebted Poor Countries Initiative This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not be otherwise disclosed without World Bank authorization.

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9 MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON ASSISTANCE TO THE REPUBLIC OF CAMEROON UNDER THE ENHANCED HIPC DEBT INITIATIVE 1. I submit for your approval the following Memorandum and Recommendation on the assistance to be provided to the Republic of Cameroon under the Enhanced Heavily Indebted Poor Countries (HIPC) Debt Initiative with respect to the debt owed by this country to the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). This report and its recommendation address the criteria for reaching the Completion Point under the Enhanced HIPC Initiative as agreed by the Boards of the International Monetary Fund (IMF) and IDA in October 2000, and establish the debt relief to be provided with respect to the debt owed to IBRD and IDA, Upon reaching the completion point, Cameroon will become eligible for the Multilateral Debt Relief Initiative (MDRI) from IDA. 2. Also submitted for your approval is a proposed Debt Relief Grant (DRG), to the Republic of Cameroon to provide debt relief to Cameroon under the enhanced Heavily Indebted Poor Countries (HIPC) Debt Initiative to support the Government s implementation of its poverty reduction strategy. Specifically, the DRG will fund the prepayment of remaining outstanding IBRD debt owed by Cameroon at the time of the Completion Point and provide reimbursement to Cameroon for payments made on such IBRD debt between the Completion Point and the effectiveness of the Grant. 3. This document complements the joint IDA-IMF paper entitled Republic of Cameroon: Enhanced Heavily Indebted Poor Countries (HIPC) Initiative Completion Point Document the Third Annual Progress Report (APR) for the Poverty Reduction Strategy Paper (PRSP) prepared by the Cameroonian authorities and the IDA-IMF Joint Staff Advisory Note (JSAN) of the APR, all concurrently with this document. The Completion Point Document presents (i) Cameroon s progress in fulfilling the triggers of the Completion Point under the Enhanced HIPC Initiative; (ii) an update of the debt sustainability analysis (DSA) and details of the revision of HIPC assistance considered at the Decision Point under the Enhanced HIPC Initiative; (iii) the status of creditor participation since the Decision Point; and (iv) the provision of MDRI relief by IDA, the IMF and the African Development Fund (AfDF). I. BACKGROUND 4. Cameroon reached the Decision Point under the Enhanced HIPC Initiative in October 2000, with the DSA based on the stock of debt as of end-junel999. Total debt relief under the HIPC Initiative amounted to US$1,260 million in net present value (NPV) terms, of which the multilaterals share amounted to US$324 million (25.7 percent). Cameroon: Decision Point Document for the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative, IDNR (09/18/2000) and EBS/00/194; 9/19/2000.

10 2 5. At the Decision Point, total debt from IBRD and IDA amounted to US$307 million and US$359 million respectively in 1999 NPV terms. Total assistance from IDA under the Enhanced HIPC Initiative agreed at the Decision Point was approved in the amount of US$178.9 million in NPV terms2. Interim debt relief was approved to be provided from October 2000 to March 2003 in the form of grants equal to 45 percent of IBRD debt service falling due amounting to US$59.6 million in NPV terms (US$63.9 in nominal debt service relief). 6. At the Decision Point, the Executive Directors approved the provision of an IDA supplemental credit of US$ll8 million to prepay outstanding IBRD debt at the Completion Point. The Executive Directors also approved the provision by IDA of debt relief on IDA credits through a reduction of 5 1 percent in IDA debt service falling due from Completion Point through May 2009, to provide the remaining assistance approved at the Decision Point. 11. FULFILLMENT OF COMPLETION POINT CONDITIONS 7. In accordance with the decision of the Executive Directors of IDA and the IMF at the Decision Point, the conditions for reaching the completion point require that Cameroon has: (i) prepared a poverty reduction strategy paper (PRSP), with satisfactory implementation for at least one year; (ii) maintained a stable macroeconomic framework and continued satisfactory performance under the IMF s Poverty Reduction and Growth Facility (PRGF) program; (iii) satisfactorily used the budgetary savings from the interim debt service relief; (iv) satisfactorily implemented the structural reforms supported by the Third Structural Adjustment Credit (SACIII); (v) satisfactorily implemented governance and anti-corruption measures in the areas of judicial reform, budget execution, procurement reform, and the creation of regulatory agencies; and (vi) satisfactorily implemented key social reforms, including combating malaria and HIV/AIDS3 a. As indicated in the accompanying Completion Point Document, the staffs of the Bank and the IMF are of the view that Cameroon has met the floating completion point conditions set out at the Decision Point, except for the case of the establishment of the regulatory agency for the water sector. In that case, the government, with the advice of Bank staff, decided that a more effective framework for the regulation of the sector would be through the provisions of a lease contract between the government and the private operator of the water facility, rather than through the creation of a regulatory agency. The framework would, in addition to the lease contract, include a performance contract between the government and the public asset holding company, a financial model to set tariffs and investments, and a committee to monitor the performance of the parties involved and propose tariff revisions based on the financial model. The staffs are of the view that this framework is more appropriate for the regulation of a sector with a single service provider. Equivalent to a common reduction factor of 26.9 percent. These completion point triggers are outlined in Box 7 of the Decision Point document, IDNR (09/18/2000).

11 3 9. The government approved the PRSP in April Implementation started slowly but has gradually improved, as evidenced by the third APR. Macroeconomic stability has been maintained and the new PRGF is being implemented satisfactorily. After initial delays, the budgetary savings from debt relief have been used for projects agreed upon by the HIPC committee. The third Structural Adjustment Credit (SACIII) was satisfactorily concluded in March 2004 after full disbursement of all tranches. The actions under the National Governance Program have included the creation of the Chambre des Comptes (audit chamber) and the Constitutional Council, the reform of the procurement system including the adoption of a procurement code, the establishment of regulatory frameworks for public utilities, and budget tracking surveys and beneficiary assessments in education and health. The government has satisfactorily implemented its education strategy as indicated by significant progress in enrolment as well as gender and regional equity in primary and secondary education. The health strategy has been satisfactorily implemented, with substantial results on immunization, the distribution of impregnated bed-nets to pregnant women and children and in combating the HIV/AIDS epidemic, with gains in the use of condoms by populations at risk REVISION OF EXTERNAL DEBT AND ADJUSTMENTS TO THE RELIEF APPROVED UNDER THE ENHANCED HIPC INITIATIVE 10. As detailed in the Completion Point document, the updated DSA based on additional information received from creditors has resulted in an increase of the NPV of external debt as of end-june 1999 by US$2 million4. IDA S NPV of debt owed to IDA at end-june 1999 has been revised downwards to US$345 million compared from US$359 million estimated at Decision Point documen?. 11. In light of the revision to the DSA, it is proposed that the Executive Directors approve a downwards revision of IDA s assistance in NPV terms by US$2.8 million to US$176.1 from US$178.9 million estimated at Decision Point. As a result of the revisions, the overall assistance under the Enhanced HIPC Initiative, as recommended in the Completion Point Document, would now amount to US$1,266.7 million in NPV terms, of which the costs to multilateral creditors and bilateral and commercial creditors would amount to US$322.5 million and US$879.0 million, respectively. The common reduction factor would increase to 27.0 percent of end-june 1999 NPV of debt from 26.9 percent as indicated in the Decision Point. The revisions relate to new information on the amount or type of external debt, and revision in the outstanding debt with multilateral and bilateral creditors. This resulted in a revision of the NPV of debt as of endjune 1999 from US$4,691 million as estimated at the Decision Point to US$4,693 million as calculated at completion point (see Table 4 in Completion Point Document). Principal and interest repayments to IDA were simulated assuming hlly disbursed credits at the time of the Decision Point. Repayments have been truncated in the year when the outstanding debt at Decision Point would have been hlly repaid. Repayment periods were thus generally shorter than the normal IDA maturity period, resulting in an overestimation of the NPV of debt to IDA.

12 4 IV. IDA S DELIVERY OF ASSISTANCE UNDER THE ENHANCED HIPC INITIATIVE 12. In accordance with the revision of HIPC assistance and with the guidelines approved by the Executive Directors on the provision of HIPC assistance6, the delivery mechanism approved at the Decision Point requires IDA to provide US$176.1 million in NPV terms at Decision Point. Of this amount, IDA has already delivered US$59.6 million in NPV terms (US$63.9 million in nominal terms) as interim relief through IDA grants, for a reduction of 45 percent of IBRD debt service falling due from September 2000 to March 2003, At the Decision Point, Executive Directors agreed that IDA would provide the remaining debt relief at completion point through: (i) (ii) a supplemental IDA HIPC debt relief credit to repay outstanding IBRD debt; and a reduction of IDA debt service falling due after completion point. 13. Following the adoption of the IDA14 grant allocation framework, countries are eligible for IDA financing through credits or grants according to their risk of debt distress. Under this framework, Cameroon is eligible for 100 percent grant financing from IDA in fiscal year It is therefore proposed that the remaining debt relief amounting to US$116.5 million in NPV terms be provided through:.) an IDA grant to prepay US$26 million of IBRD debt outstanding at completion point corresponding to a reduction of US$19.7 million in NPV terms at Decision Point. The exact nominal amount of the IDA grant is dependent upon the date on which the outstanding IBRD debt is prepaid and will be calculated at that date. This date will be the date the IDA grant becomes effective. The IDA grant will serve to prepay the total IBRD debt outstanding at the Completion Point, including accrued and unpaid interest and the applicable pre-payment penalty. As the IDA grant will only become effective once the conditions of effectiveness provided for the grant agreement have been met, the grant will be disbursed some time following the Completion Point. Accordingly, the grant will include an amount equal to the amount paid by Cameroon on the IBRD debt between the Completion Point and the date of effectiveness of the IDA grant. (ii) a reduction of 57 percent of debt service on IDA debt disbursed before end- June 1999 for the period May 2006 to June 2020, resulting in a reduction of Heavily Indebted Poor Countries (HIPC) Initiative: Note on Modalities for Implementing HIPC Debt Relief Under the Enhanced Framework, IDA/R2000-4, January 10,2000. See Additions to IDA resources: Fourteenth Replenishment (IDA14)--Working Together to achieve the Millennium Development Goals March 10,2005; and Debt Sustainability and Financing Terms in IDA14: Further Considerations on Issues and Options, November * As evaluated using the end-june 1999 exchange rate.

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14 6 V. IDA S DELIVERY OF ASSISTANCE UNDER MDRI 16. Contingent upon approval of the completion point under the Enhanced HIPC Initiative, Cameroon will qualify for additional debt relief from the IMF, IDA and the African Development Fund (AfDF) under the Multilateral Debt Relief Initiative (MDRI). MDRI relief to Cameroon would imply a stock of debt reduction of US$1,124 million in nominal terms at completion point. This would result in debt service savings of US$38.2 million on average over the period Once the MDRI becomes effective, IDA would provide debt relief to Cameroon under the MDRI amounting to SDR 557 million (or US$794 million) in nominal terms, to be delivered at the beginning of FY07. Debt relief under the MDRI would cover all remaining debt service obligations on eligible IDA credit balances through maturity, after any debt service relief available under the Enhanced HIPC Initiative12. IDA would provide MDRI debt forgiveness by irrevocably canceling the borrower s payment obligations under the eligible credits. MDRI debt relief from IDA would imply average debt service savings for Cameroon of SDR 15.1 million (or US$2 1.5 million) per year over the next 37 years. The MDRI would decrease the stock of debt owed to IDA by US$886 million on July 1,2006 and would correspond to a reduction in the debt owed to IDA by US$383 million in NPV terms at completion point. Figure 2 illustrates the impact of MDRI on projected debt service due to IDA as of end-december Figure 2. Debt Service to IDA after HlPC Relief and MDRI, (In millions of US. dollars) Before relief - - -After HlPC relief..... After MDRI 1 See Table 8 in the Completion Point Document * See IDA S Implementation of the Multilateral Debt Relief Initiative, March 14, 2006.

15 7 VI. PROSPECTS FOR LONG-TERM DEBT SUSTAINABILITY UNDER THE ENHANCED HIPC INITIATIVE AND MDRI 18. As detailed in the Completion Point Document, the updated Debt Sustainability Analysis (DSA) shows that after HIPC assistance, additional bilateral debt relief and MDRI, Cameroon s NPV of debt-to-export ratio at end-2006 is estimated at 13 percent, well below the HIPC threshold of 150 per~ent. ~ The ratio is projected to increase steadily, rising to 96 percent by The debt sustainability analysis assumes that Cameroon s new borrowing will have a substantially lower concessional element compared to IDA credits, from Similarly, the NPV of debt-to-revenue at end-2006 after HIPC assistance, additional bilateral debt relief and MDRI is 17 percent and is projected to increase to 83.4 percent over the period of analysis. In 2006, the debt service-to-exports ratio after the provision of debt relief in the context of the HIPC Initiative, bilateral assistance beyond HIPC and MDRI, is expected to reach 3.5 percent and to remain below 6 percent of exports thereafter. Nevertheless, the sensitivity analysis emphasizes the importance of maintaining a prudent fiscal stance as well as a clear and credible strategy for maintaining long-run growth to achieve debt sustainability. VII. SATISFACTORY FINANCING ASSURANCES FROM CAMEROON S CREDITORS 19. Cameroon has received financing assurances of participation in the Enhanced HIPC Initiative from creditors representing 94 percent of the NPV of HIPC assistance estimated at the Decision Point. Most multilateral and Paris Club creditors have confirmed their participation in the HIPC Initiative and the authorities are working toward reaching agreements with all remaining creditors. VIII. THE DEBT RELIEF GRANT 20. The Debt Relief Grant will serve to prepay the total IBRD debt outstanding at the HIPC Completion Point, equivalent to all remaining principal, plus interest accrued and unpaid, and the applicable pre-payment penalty. As the Grant will only become effective once the conditions of effectiveness provided for in the Grant have been met, the Grant will be disbursed some time following the Completion Point. Accordingly, the Grant will include an amount equal to the amount paid by Cameroon on the IBRD debt between the Completion Point and the date of effectiveness of the Credit. By replacing the outstanding IBRD debt at Decision Point with a nominally equivalent amount of IDA Grant, Cameroon debt service will be eliminated. The resulting fiscal savings, which will be transformed into increased PRSP spending, constitute the main benefit of this operation. 21. As noted in Section I paragraph 5, at the Decision Point, it was estimated that Cameroon would receive a supplementary IDA credit in the amount of US$118 million at the Completion Point to repay outstanding IBRD debt. As discussed in Section IV, para, 12, the outstanding IBRD debt that now remains to be prepaid at the Completion Point is now estimated at US$26 million, substantially lower than was projected at the l3 Cameroon qualified for the HIPC Initiative under the export window.

16 8 Decision Point. The funding will be by an IDA grant since Cameroon is eligible for 100 percent grant financing from IDA in The Recipient will be the Republic of Cameroon. The amount of the Grant is estimated to be around US$26 million, with the exact amount to be established at the credit s Effective Date. (The exact amount of the Grant cannot be established beforehand because the value of the IBRD debt to be pre-paid continues to vary with fluctuations in the exchange rate of the currencies in the currency pool and the exact date of prepayment will depend upon when the Grant becomes effective). The exact Grant amount will be determined according to the elements indicated in the definition of Grant Amount in Section 2.02(a) of the Financing Agreement. The final settlement of the prepayment amounts will be produced by ACTCF approximately 4 business days after the mid-month or month-end closing of the books, whichever comes first after the Effective Date, and the final amount will be notified to the Borrower promptly thereafter as indicated in Section 2.02 (c) of the Financing Agreement. The proposed closing date for the Grant is September 30, Disbursement Procedures: On the Effective Date of the DRC, IDA will, on behalf of the Borrower, withdraw from the credit account and pay to IBRD the portion of the credit amount representing an amount in various currencies equivalent to an amount in Special Drawing Rights equal to (i) the IBRD debt outstanding on the Effective Date, plus (ii) the interest accrued and unpaid on IBRD debt as of the Effective Date for application by IBRD in prepayment of the IBRD debt, in payment of interest accrued and unpaid on the IBRD debt as of the Effective Date. As soon as possible following the Effective Date, IDA will, on behalf of the Recipient, withdraw from the credit account and pay to IBRD an amount equal to the prepayment penalties payable in respect of the IBRD debt on the Effective Date. 24. On the Effective Date, the Association shall disburse to the Borrower the remaining amount of the Grant, representing an amount in various currencies equivalent to an amount in SDRs equal to the amount of all payments (principal and interest) made by the Borrower to the Bank to service its outstanding debt to the Bank during the period between the Completion Point and the Effective Date, by depositing such amount in the account specified by the Recipient in the Grant Agreement. IX. RISKS 25. The main risks affecting this operation are the same ones in the Completion Point Document. This includes the risk of (i) uncontrolled spending in the post-completion point period, financed by external borrowing that could undermine debt sustainability and jeopardize macroeconomic stability, long-term growth and poverty reduction; (ii) decline in the international price of oil and other commodities; and (iii) slippages in structural and governance reforms that might discourage private investments and inflows of official resources.

17 9 X. RECOMMENDATION 26. In view of the above, I recommend that the Executive Directors endorse the staff assessment contained in the Completion Point Document concerning Cameroon s fulfillment of the floating Completion Point conditions under the Enhanced HIPC Initiative. 27. I, further, recommend that the Executive Directors approve the recommendations on the manner and the amount of debt relief to be provided on remaining debts owed by Cameroon to IBRD and IDA, including the provision by IDA of the IDA debt relief grant on the terms described in paragraphs 12 and 13 above. I am satisfied that the proposed Grant would comply with the Articles of Agreement of the Bank. Paul Wolfowitz President By: Graeme Wheeler (Acting) Managing Director Washington, DC April 12,2006

18 10 Annex 1 Cameroon IDA Credits Subiect to Debt Service Reduction at the Completion Point Under the Enhanced Heavily Indebted Poor Countries Initiative Credit Project Name Balance at June 30, 1999 Currency In original In currency equivalent CAMDEV EDUCATION EDUCATION HIGHWAY HIGHWAY DOUALA PORT SEMRY RICE SECOND EDUCATION SECOND HIGHWAY SECOND HIGHWAY NIETE RUBBER ESTATE SMALL&MEDIUM-SCALE ENTERPRISES SECOND DOUALA PORT PLAINE DES M'BO RURAL DEV. TECHNICAL ASSISTANCE RURAL DEVELOPMENT FUND FEEDER ROADS SECOND SEMRY RICE ZAP1 EAST INTEGRATED RURAL DEV. WESTERN HIGHLANDS RURAL DEV. FOURTH HIGHWAY FOURTH RAILWAY SECOND HEVECAM RUBBER SECOND LIVESTOCK DEVELOPMENT NORTHERN PROVINCE RURAL DEV. SECOND TECHNICAL COOPERATION STRUCTURAL ADJUSTMENT STRUCTURAL ADJUSTMENT ECONOMIC RECOVERY ECONOMIC RECOVERY HEALTH, FERTILITY & NUTRITION TRANSPORT SECTOR TECH ASSIST. SECOND STRUCTURAL ADJUSTMENT SECOND STRUCTURAL ADJUSTMENT SECOND STRUCTURAL ADJUSTMENT SECOND STRUCTURAL ADJUSTMENT TRANSPORT SECTOR PRIVATIZATION & PRIV SECTOR TA THIRD STRUCTURAL ADJUSTMENT THIRD STRUCTURAL ADJUSTMENT HIGHER EDUCATION TECH TRAINING 7,159,523 6,340, ,000 4,847, ,000 1,034,35 1 2,497,500 5,681,437 17,280,000 10,800,000 12,480,000 2,164,820 4,050,000 1,650,000 3,4 14,630 5,503,442 5,557,500 12,397,500 6,785,422 11,115,000 9,000,000 18,000,000 13,575,000 14,560,000 8,692,500 7,528,047 36,300,000 37,100,000 53,100,000 23,200,000 4,992,782 5,912, ,700,000 20,400,000 17,499,801 12,900,000 11,056,256 3,3 64,544 56,370,013 9,900, ,076 7,159,523 6,340, ,000 4,847, ,000 1,034,35 1 2,497,500 5,681,437 17,280,000 10,800,000 12,480,000 2,164,820 4,050,000 1,650,000 3,414,630 5,503,442 5,557,500 12,397,500 6,785,422 11,115,000 9,000,000 18,000,000 13,575,000 14,560,000 11,632,390 10,074,108 48,577,023 49,647,591 71,058, ,046,472 6,68 1,39 1 7,912, ,757,747 27,299,484 23,4 1 8,408 17,262,909 14,795,592 4,502,466 75,434,915 13,248, ,156 Source: World Bank, Loan Accounting Department.

19 11 Annex 2 Cameroon Schedule of Debt Service Reduction Under the Enhanced Heavilv Indebted Poor Countries Initiative Year Amount to be reduced (In thousands of U.S. dollars) TOTAL / / 203,675 9,114 12,029 12,466 12,897 12,820 12,743 12,666 12,589 13,653 14,788 17,191 17,074 17,354 17,641 8,649 Source: World Bank, Loan Accounting Department. 1/ May 1 - Dec. 31, / Jan. 1 - Jun. 30,2020.

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