(Business in Cameroon) - The African Development Bank (AfDB) announced it has approved a loan of $15.64 million (about CFA9.6 billion) to Cameroon to help improve the country’s public finance management. The money was channeled through the African Development Fund, AfDB concessional window.
According to official information, the fund lender will support the Cameroonian General Directorate of Taxes (DGI) in the development and implementation of its upgrading plan through the dematerialization and digitization of the tax system. "This will make it possible to strengthen the efficiency of tax revenue mobilization, expand the non-oil tax base, and better secure revenues by lowering the risks of tax evasion and avoidance," the AfDB explains.
Actions also include the establishment of a system for analyzing the effectiveness, feasibility, and monitoring-evaluation of the public investment budget. "A project monitoring software will be acquired for this purpose. It will allow the development of a manual of procedures for the review of major investment projects," we learn.
In addition, the alert mechanism against economic malpractice and illicit financial flows will be strengthened. The aim is to improve the integrity of the regulatory and institutional framework for public financial management, with a positive impact on the efficiency and effectiveness of spending. To support this activity, the partners planned to set up a public procurement information system thanks to the development of massive data on public procurement to ease the intelligent processing of these data.