Bond Financing and the State Budget

The aim of this book is to identify the contribution made by the issue of public securities to the financing and quality of execution of the government budget. To achieve this objective, we used descriptive statistics based on data from the DGTCFM, MINFI and DIRTRE. This analysis shows that the financing of the Cameroon State budget by issuing public securities is growing in relative terms compared with the evolution of budgetary resources. In addition, this method of financing has a number of advantages, notably the low cost of financing compared with the statutory advances previously obtained from the BEAC. It also confirms the State of Cameroons solvency on the financial market, and more specifically with international investors. However, the issuance of public securities still suffers from a number of shortcomings, including procedural delays, the non-existence of mutual funds, the lack of a lively secondary market, the non-existence of a regulatory framework for refinancing, and low refinancing ceilings. Solutions have been proposed to further improve bond issuance.