(Business in Cameroon) - The second 2023 parliamentary session is set to commence on June 8 at the National Assembly and Senate, according to statements released by both chambers of the Cameroonian parliament. Reliable sources indicate that this 30-day session will focus on the revised 2023 State Budget, currently being finalized by the government.

The document, which integrates the conclusions reached by Cameroon and the IMF following the fourth review of the three-year economic and financial program (2022-2024) with the Bretton Woods institution, will take the form of a presidential decree, expected by the end of this month or early June. The decree will subsequently be submitted to MPs for ratification.

Despite the 5.2% salary increase in the civil service introduced in February 2023, two months after the initial budget was adopted, the expected Budgetary Adjustment could shrink the State's budget for the year. The reason, we learned, is the reduction in the subsidy for domestic gas consumption and petroleum products, which amounted to CFA775 billion in 2022, according to data from the Ministry of Finance.

To reduce this expenditure in 2023, the Cameroonian government has raised pump prices for gasoline (+15%), diesel fuel (+25%), and industrial kerosene (+36%) since February 1, 2023.