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Cameroon collected CFAF117 bln of oil revenues in Q1-2020, down 3.3% YoY

Cameroon collected CFAF117 bln of oil revenues in Q1-2020, down 3.3% YoY
  • Comments   -   Tuesday, 14 July 2020 16:10

(Business in Cameroon) - Cameroon collected CFAF117 billion of oil revenues in the first three months of 2020, according to the document that served as the basis for the budget orientation debate in the Parliament. This revenue is up by CFAF85.4 billion compared with the initial forecasts.

The government explains that this improvement is due to the level of prices on international markets during the period under review. During the period, those prices were better than their level in the same period in 2019. However, despite this increase in oil revenues as of March 31, 2020, it is down by 3.3% year over year, the Ministry of Finance points out.

As a reminder, according to the Amending Finance Law adopted by the State of Cameroon in June 2020, during the current year, the country's oil revenue will fall by 40% compared with initial forecasts, due to the impacts of the coronavirus pandemic around the world.

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