Cameroon : Finance Committee Members Put Up Strong Arguments For Bill Adoption

Cameroon : Finance Committee Members Put Up Strong Arguments For Bill Adoption

Minister of Finance Trying Hard To Win Law Makers Over.

Members of the Committee on Finance and the Budget of the National Assembly struggling hard for the parliamentarians to adopt Bill No. 1099/PJL/AN to ratify ordinance No. 2021/3 of 7 June 2021 to amend and supplement some provisions of law No. 2020/18 of 17 December 2020: Finance Law of the Republic of Cameroon for the 2021 Finance year.

 The adoption of the Bill according to members of the committee elaborated points like helping to adopt emergency budgets for the fight against the resurgence of the COVID-19 pandemic which will create new needs, not leaving out vaccination, suspend the C2D funds disbursement and reimbursement mechanism with France, specify the expected budget support as part of ongoing negotiations of a new economic and financial program (EFP) with IMF and raise the relief of Cameroon’s external debt owed the G20 from CFAF 100 billion to CFAF billion and ensure security at our borders and within the country.

The state budget for the 2021 financial year has been  increased to 5480 billion CFAF out of which 5235 billion is for the general budget while 245 billion CFAF for special appropriation accounts.

 Domestic Revenue and GrantsIn Cameroon, the domestic revenue and grants has been categorized. Oil revenue 536 billion CFAF as against 393 billion CFAF which was the initial budget.

The increase comes as a result of higher production and the rise in world price per barrel, tax revenue 1938 billion as in initial budget, customs revenue 804 billion CFAF, non tax revenue 187 billion CFAF as against 213 billion in the initial budget, grants 64 billion CFAF as against 106 billion CFAF in the 2021 finance law.

Expenditure

The government of Cameroon recently have spent the sum of over 1069 billion CFAF for personal expenditure as it is in the original finance law, 761 billion CFAF for goods and expenditure including allocations to regions, as against 736 billion in the original finance law, portraying an increase of about 25 billion CFAF, over 628 billion CFAF as against 528 billion for transfer and subsidies witnessing an increase of about 100 billion CFAF, 618 billion CFAF for investment expenditure from own resources like rehabilitation and restructuring expenditure.

The Minister of Finance Louis Paul Motaze trying hard to win the hearts of the parliamentarians to adopt the bill.

 By Takang Bisong

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