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Yaoundé - 18 October 2019 -
Economy

Cameroon: Oil price subsidies to exceed XAF140 bln in 2020 in the aftermath of Sonara’s future activity suspension

Cameroon: Oil price subsidies to exceed XAF140 bln in 2020 in the aftermath of Sonara’s future activity suspension
  • Comments   -   Tuesday, 16 July 2019 11:39

(Business in Cameroon) - Sonara’s activities could be suspended in the aftermath of the May 31, 2019 fire outbreak at the southwestern plant. This is revealed by the 2020 finance act being prepared. According to the government, this will surely call for additional support for petrol prices at pumps.

In 2008, this support was XAF400 billion when oil prices were very high. For 2019, it is expected to reach XAF140 billion, the ministry of finance indicates.

This segment absorbs important resources and creates sustainability and choice problems for expenses in the broader term and social expenses in particular,” the ministry of finance reveals.  

Let’s note that the government is still unable to fund the whole of this year’s support. Out of a targeted XAF140 billion, only XAF124.3 billion has already been gathered. The remaining XAF15.7 billion is yet to be funded.

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