YAOUNDE, CAMEROON, AFRICA. NOVEMBER 2010. (NEWS.CAMEROON-TODAY.COM) – ON NOVEMBER 11TH 2010 THE GOVERNMENT OF CAMEROON TABLED TWO FINANCE BILLS FOR 2011 TO THE PLENARY SESSION OF THE CAMEROON NATIONAL ASSEMBLY.
The proposed budget for 2011 fiscal year totaled 2.571 trillion FCFA. Cameroon moved from 2570 billion in 2010 to 2,571 billion CFA Francs, representing an increase in absolute value of 1 billion from the budget of 2010 fiscal year. In addition, the Finance Committee received from the Minister of finance Essimi Menye for consideration of the draft law on the organization of credit lease in Cameroon. The budget for 2011 devotes
- 59.12% for operating expenses,
- 26.46% to investment expenditure and
- 14.42% toward debt settlement.
Resources for fiscal 2011 are estimated to
- 2114 billion FCFA against 2.149 trillion in 2010 for internal resources and
- 457 billion FCFA against 421 billion in 2010 to external resources.
Loans are valued at 353 billion FCFA and gifts to 104 billion FCFA.??
With regard to revenue projections, the draft 2011 budget law envisages, among other things:??
- To improve the tax system against fraud and smuggling??
- To strengthen debt collection system??
Restoration obligation by withholding public enterprises, regional and local authorities and some large private companies.??
On the expenditure side the Government will place special emphasis on the allocation of budgetary resources for investment in growth-inducing sectors including energy, agriculture, infrastructure and mining.
The justification of this budget will start with presentations by the various ministers before the Finance Committee.??
On another aspect, the information session for members of parliament was completed this afternoon at the National Assembly. The participants recognized the benefits that the Cameroonian economy stands to gain from EPAs. Parliamentarians expressed their desire to be involved in the negotiation process.