CPDM business has commenced at the National Assembly with Cabinet Ministers defending their budgetary allocations in the Committee on Finance and Budget of the House. The Minister of Finance, Alamine Ousmane Mey, set the ball rolling on November 23, 2016. It was a long night starting with the presentation of the Report on the Nation’s Economic, Social and Financial Situation and Outlook for the 2016 financial year.

Minister Alamine Ousmane Mey, proceeded with the defence of draft budgetary allocations for 18 sovereign institutions like the Presidency of the Republic, Services attached to the Presidency of the Republic, National Assembly, Prime Minister’s Office, Economic and Social Council. The exercise culminated with the Ministry of Finance, whose budgetary allocation is estimated at FCFA 52 billion in 2017 up from FCFA 46.2 billion in 2016.

The Report on the Nation’s Economic, Social and Financial Situation and Outlook notes that the achievement rate of internal budgetary revenues stood at 68.9 per cent by the end of the first nine months of the 2016 budgetary year. Resources mobilized stood at FCFA 2,373.1 billion. Domestic budgetary revenue amounted to FCFA 2,056.3 billion while cumulative budgetary expenditure amounted to FCFA 2,418.41 billion with a 2.4 per cent increase.

Cameroon’s economy remains resilient, with growth strengthened around 6 per cent, holds the macroeconomic and budgetary projections. Growth slowed slightly to 5.3 per cent in 2016 as against 5.8 per cent in 2015 with fingers pointing at the drop in oil production. Growth however, continues to be driven by the non-oil sector with value added projected at 5.7 percent. The strong increase in gas production is expected to fit the holes of the decline in oil production. The inflation rate, the Minister indicated, is not expected to exceed the threshold of 3 percent. He stated that the terms of trade could become favorable again in 2017 after several years of hardship.

Culled from Cameroon Tribune

The government has presented a draft budget for the 2017 fiscal year. It is 4,373.8 billion FCFA.  The bill was tabled at the National Assembly today the 21^st of November 2016 during a plenary sitting of the House which was chaired by the Senior Deputy Speaker of the, Hilarion Eton.

The 2017 draft budget recorded an increase of over 139.1 billion FCFA compared to that of 2016. The bill was presented alongside that which authorizes the President of the Republic to ratify the agreement between Canada and the Republic of Cameroon on the promotion and protection of investments.

CRTV

It has been revealed that the CPM government is seeking an increase in the 2017 budget. According to the draft tabled during this current session devoted to examine the budget which started on Thursday the 10^th of October, the government expects a budget of 4378.8 billion FCFA in 2017.

Cameroon Concord News understands if the budget is adopted by parliament, it will witness an increase of CFAF 139.1 billion compared to the 2016 budget. Our chief economic correspondent noted that it will record a more than 3% increase in relative value. 70% of the Finance Act will be devoted to the operating budget, as in previous years.

By Rita Akana

The Economic Community of Central African States (ECCAS) has issued licenses to 23 enterprises doing business in Cameroon to export products tax-free to the ECCAS member countries.

The representatives of the 23 enterprises were handed over their licenses in a ceremony chaired by the Minister of Trade, Luc Magloire Mbarga Antangana.

Minister Luc Magloire Mbarga Atangana said the licenses are proof of government’s will to strengthen the private sector and reinforce sub regional integration.

The permits will enable the enterprises reach a larger market of about 160 million customers, improve the quality of products through competition and account for a turnover of about 408 billion FCFA.

The representatives for their part called on the Cameroon government to complete the construction of the Kumba – Mamfe road so as to improve business between Cameroon and neighbouring Nigeria.

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Members of the Inter-ministerial committee on railway infrastructure have met to evaluate the first five year plan to renew part of the French Cameroon’s railways secure level crossing and acquire new wagons and Locomotives. During the 25th session, chaired by the Minister of Transport, Edgar Alain Mebe Ngo’o, it was revealed that 4 cranes and 8 scanners have been acquired and are already in use in Douala, Yaounde, Belabo, and Ngaoundere. Nothing was mentioned about the Kumba-Mbanga lines or prospects of linking the North West region to the West with rails.

It was also disclosed that 150km of railway between Batchenga and Sa’a, have been renovated. The 5 year plan also targets the rehabilitation of the Yaounde North, Yaounde South and Douala entry ways. These projects to modernize French speaking Cameroon’s railways will enable the sector play a crucial role during the upcoming major international sports events, the 2016 and 2019 Africa cup of Nations.

The International Committee on Railway Infrastructure has as mission to follow-up investment programs renovations and development of railway infrastructure.

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The Ambassador of Israel to Cameroon Ran Gidor, has emphasized the need to enhance Cameroon’s Small and Medium Size Enterprises. Ambassador Gidor raised the concern during an audience with the Minister of Small and Medium Size Enterprises, Lazare Etoundi Ngoua that held on September the 20^th 2016.

The Israeli strongman in Yaounde said the idea of Small and Medium Size enterprise has been one of Israel’s main exports. He further observed that Small and Medium Size Enterprise is the backbone of the Israeli Economy since the country is small and without any multinational firm.

Ran Gidor promised to follow-up on Cameroonian business incubators to see if they can function like the hi-tech Israeli one. Minister Lazare Etoundi Ngoua after very intensive and productive discussions, validated the Ambassador’s ideas shared on issues concerning  the Small and Medium Enterprise.

CRTV

A protocol agreement has been signed between the Cameroon government and the electricity company ENEO for the transfer of surplus capacity from their optical fiber. The energy to be transferred to the Ministry of Post and Telecommunications is intended to allow the Ministry upgrade its national broad band.

According to the MINPOSTEL boss, who signed for the government of Cameroon, the protocol will help the ministry meet its electronic communication needs and modernize information and control systems in the country.

The Director General of ENEO, Nana Kontchou who signed for the electricity company said the agreement will ensure the quality at a digital age. Experts estimated the surplus from ENEO worth 986 strands of optic fibre cables, of this, 812 kms is due to be transferred to other companies.

The agreement signed therefore stipulates that ENEO will transfer 78 strands of the optical fibre to MINPOSTEL to improve power transmission grid. If this is effective the digital economy will be boosted.

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It has been revealed that the amount of money transfers from the diaspora to Cameroon is 1.2 billion dollars or nearly 585 billion FCFA. The figures were released by the British company, World Remit, considered the world leader in digital money transfer. Statistically speaking, this means that the diaspora contributed 33% in the Public Investment Budget (PIB) of Cameroon in 2016.

Some financial experts have opined that the figure also an equivalence of over 60% of the necessary funding needed for the implementation of the so called Biya emergency plan or nearly 120% of the funding sought for the construction of the Nachtigal dam.

World Remit also reported that money transfers from the Cameroonian Diaspora have doubled over a two year period.  Generally, these funds are used primarily for the basic needs of families back home. World Remit however emphasized that “remittances from abroad play an important role in the economy of Cameroon.”

By Sama Ernest with files from CIN