9, August 2024
Biya regime facing severe fiscal pressures amidst Amba crisis and conflict 0
Cameroon, the second-largest economy in Central Africa, is under pressure to enhance its economic performance, according to a recent World Bank report. Despite successfully reducing its fiscal deficit to 1.1% of GDP in 2022, primarily through cuts in public investment, the country now faces critical challenges in tax collection and public spending.
Key Points:
Fiscal Adjustments: Cameroon achieved a notable reduction in its fiscal deficit over six years but did so by slashing public investment. This approach has led to low public expenditure levels, impacting the quality of public services and infrastructure development.
Revenue and Spending Concerns: The World Bank emphasizes the need for a comprehensive medium-term revenue strategy to boost tax collection efficiency and address spending inefficiencies. Social sectors, particularly health and education, have suffered due to under-investment.
Taxation Issues: Direct taxes and international trade levies have underperformed, leaving the country overly reliant on value-added tax.
Urgent Financing: Amid high US interest rates making dollar borrowing costly, Cameroon recently issued $550 million in dollar bonds, indicating pressing financial needs.
The report underscores the necessity for targeted spending and better fiscal management to spur economic growth in Cameroon.
Source: worldbank.org
17, August 2024
Garoua: Issa Hayatou goes home to rest 0
FIFA President Gianni Infantino has called Issa Hayatou “an ambassador for football in the world” at the late FIFA President ad interim’s funeral in Garoua, Cameroon.
Mr Hayatou was acting FIFA President for just over four months between October 2015 and Mr Infantino’s election in February 2016.
He passed away in Paris, France, on 8 August, a day before his 78th birthday, and his remains were then repatriated to his home town in Cameroon for burial.
“He knew how to take the helm of FIFA in 2015, when our boat was sailing in rough seas, and he steered us back to calm waters, just before I was elected President, in 2016. He was a great figure, a great gentleman, a great friend,” said Mr Infantino at the ceremony.
“We always say that football unites people, regardless of their origin. Issa Hayatou, with his remarkable and world-acclaimed work, knew how to contribute to this unity. He surely was an ambassador for Cameroon and an ambassador for football in the world. He was an ambassador of great values such as family and unity, and this is what brings all of us together here today.”
Among the other mourners joining Mr Hayatou’s family and friends were FIFA Vice President and Confederation of African Football (CAF) President Patrice Motsepe, members of the FIFA administration including FIFA Secretary General Mattias Grafström, Cameroonian Football Association (FECAFOOT) President Samuel Eto’o and a number of FIFA Member Association Presidents and CAF officials.
“Everyone obviously has their own memories, every one of us here has their own memories of Issa Hayatou, but I’m sure that all of us today, on this day of sadness, but of unity, too, hold a memory of his smile. A smile he kept on his face on any occasion,” said Mr Infantino, who recounted his first meeting with the then-CAF President when he had attended – “as a football fan” – the CAF Africa Cup of Nations in 1998.
“I’m standing here today as FIFA President, as a member of this family, to tell you all the sadness we have and to give you some strength. We want to tell you that we are here with you, with all our love. Today is a day of mourning for the football world, but it’s also a day when all our memories should unite to remember Issa Hayatou, a major figure of Cameroonian football, African football and global football.”
A former FECAFOOT President, Mr Hayatou served as CAF President for 29 years from 1988 to 2017. He was a FIFA Council member from 1990 to 2017 and a FIFA Vice President. He was also an International Olympic Committee (IOC) Member from 2001 to 2016, after which he became an IOC Honorary Member.
Source: Inside Fifa.com