The National Refining Company (Sonara) has a debt of 261.4 billion FCFA towards a group of nine banks. On Friday, October 15, the Minister of Finance, Louis Paul Motaze presided over the ceremony to formalize the repayment plan for this debt.

The State formalizes the repayment plan for a debt of 261.4 billion FCFA due to 9 local banks. This debt includes both the principal (253 billion FCFA) and interest. "This restructuring is the result of a debt reduction process by consolidating and rescheduling overdue and unpaid debts over the long term, under more favorable financial conditions, thanks to the comfort provided by the State of Cameroon", explains the Ministry of Finance (Minfi ) in an attempt to reassure about the weight of the operation on the State budget. According to our information, the new repayment term for this maturing debt is now 10 years and its interest rate is 5.5% excluding tax. This reimbursement will be made monthly. The banks concerned by this so-called restructuring operation are: UBA Cameroon, BGFI Bank, Afriland First Bank, Ecobank, Société Générale Cameroun, Standard Chartered Bank, CCA-Bank, Bicec and CBC.