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Yaoundé - 22 October 2018 -
Economy

Cameroon modifies the 2018 finance bill

Cameroon modifies the 2018 finance bill
  • Comments   -   Tuesday, 05 June 2018 16:32

(Business in Cameroon) - On June 4, 2018, Paul Biya signed a prescription modifying Cameroon’s 2018 finance bill. In the current bill, the country’s budget which was set at CFA4,513.5 billion is increased to CFA4,689.5 billion (an increase by CFA176 billion).

This increase can be explained by the fact that in December 2017 when the finance bill was signed, the ministry for decentralization was not accounted for since it was just  created on March 2, 2018. In the present bill, this ministry’s budget has been set to CFA11.477 billion. In addition, the newly set constitutional court’s budget is CFA2.5 billion.

Meanwhile, the government is also authorized to negotiate and conclude concessional and non-concessional loans estimated at CFA245 billion and CFA436 billion respectively.

In the older finance bill, the government’s total revenues was estimated at CFA3,175 billion. In the new, however, it is reevaluated at CFA3,324 billion ( an increase by CFA149 billion). In the same vein, the target for fiscal revenues has also been raised from CFA2,645 billion to CFA2,712 billion. Finally, from CFA670 billion, the fund allocated for domestic debt payment has been increased to CFA713 billion.

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