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Non-tax revenues, growth rate…: Cameroon revises 2022 draft budget

Non-tax revenues, growth rate…: Cameroon revises 2022 draft budget
  • Comments   -   Monday, 29 November 2021 15:31

(Business in Cameroon) - In the 2022 draft budget finally submitted to the parliament, Cameroon has revised its budget to XAF5,752.4 billion (+5 % compared to the XAF5, 480.4 billion 2021 state budget). This new budget forecast is down by XAF10 billion compared with the draft budget presented by Fiance Minister Louis Paul Motazé during a special ministerial council organized in early November to present the 2022 draft budget. 

To elaborate the new budget forecast, the government reduced its projected borrowings by XAF20 billion while increasing its non-tax revenue forecasts by XAF10 billion. 

Specifically, the country reduced its projected borrowings from XAF1, 774.5 to 1,754.5 billion due to a projected drop in budget supports. As for the non-tax revenues projection, it rises from XAF206 to 216.2 billion. 

Apart from the revision of budget forecasts, the draft bill submitted to the parliament also includes slightly less optimistic economic growth prospects. Indeed, in the initial 2022 draft budget presented b Minister Louis Paul Motaze, the growth forecast was 4.4%. However, the forecast contained in the draft submitted for parliament’s review is 4.2%. On the other hand, for 2021, the GDP growth is revised upwards to 3.6% in the 2022 draft budget, compared to 3.4% initially planned. 

Despite those slight adjustments, the government confirms that the economy will grow in 2022 notwithstanding the persistence of the coronavirus pandemic whose magnitude is gradually declining in the country. “This growth will be notably spurred by several factors like a controlled Covid-19 pandemic, the windfall of the organization of the African Cup of Nations (AfCON), less pronounced contraction in the oil and gas sector as well as mitigation of security problems,” reads the 2022 draft budget submitted for the parliament’s review. 

Brice R. Mbodiam

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