GENEVA, July 13: Switzerland on Friday announced the cancellation of about three quarters of the debt owed by Cameroon for official Swiss loans. The Swiss economics ministry said the two countries had signed an agreement in Cameroon’s capital Yaounde, cutting the West African state’s debt to Switzerland to 7.9 million Swiss francs ($6.5m).

It had previously owed Switzerland some 42m Swiss francs.

The outstanding amount is due to be repaid by 2025, the ministry added in a statement.

It underlined the role played by reforms introduced in Cameroon to fight poverty, improve governance and economic stability, in line with international measures for the world’s heavily indebted poor countries (HIPC).

The Paris Club of creditor countries has agreed to cut $1 billion of Cameroon’s $3.5 billion debt burden.—AFP