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Cameroon: govt prepares amendment of the FY2023 Finance Act

Cameroon: govt prepares amendment of the FY2023 Finance Act
  • Comments   -   Tuesday, 09 May 2023 16:17

(Business in Cameroon) - The government of Cameroon is preparing a budget revision plan to amend the 2023 Finance Act. The information was disclosed yesterday by Cemile Sancak (pictured), who leads the mission currently carrying out the fourth review of the 3-year IMF program in the country.

This practice is not new in Cameroon. Since 2018, the government modifies the state budget during the year to adjust it to recent economic developments influenced by both the national and international situations. The 2023 finance law amendment, expected to be available between May and June, will once again be enacted as an ordinance by the head of state and later ratified by parliamentarians.

Let’s recall that the government had to approve several unplanned measures at the beginning of 2023. These include, for example, the increase in pump fuel prices as of February 1, 2023, to reduce fuel subsidies (more than CFA700 billion in 2022, according to officials). Also, the salaries of government workers have been increased by 5.2%. Hence the modification of the initial budget law.

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