REPUBLIC OF CAMEROON PEACE-WORK-FATHERLAND
GOVERNMENT'S ECONOMIC, FINANCIAL, SOCIAL AND CULTURAL PROGRAMME FOR THE 2017 FINANCIAL YEAR
PRESENTED TO THE NATIONAL ASSEMBLY BY
HIS EXCELLENCY PHILEMON YANG PRIME MINISTER, HEAD OF GOVERNMENT
YAUNDER, 22 NOVEMBER 2016
The Right Honourable Speaker of the National Assembly, Honourable Members of the Bureau of the National Assembly, Honourable Members of Parliament, Distinguished Guests, Ladies and Gentlemen,
I am delighted to come before the National Assembly again this year to present Government's Economic, Financial, Social and Cultural Programme for the 2017 financial year.
I thank the Right Honourable Speaker of the National Assembly for the kind words said to me and the entire Government.
Honourables Members of Parliament,
Government's Economic, Financial, Social and Cultural Programme for the 2017 fiscal year comes at mid-way point of the 2016-2018 three-year period. It will enable Government to better own the programme budgeting format and streamline public spending while optimizing revenue collection.
Before charting the broad lines of Government action in 2017, I will first present to you an overview of the main activities undertaken by Government during the 2016 financial year that is ending.
During 2016, Government action as defined by the Head of State, His Excellency Paul BIYA, was implemented in an international context marked by:
- the downward trend of prices of extractive industries, especially oil;
- the continued fight against terrorism;
- the slowdown of economic growth in some emerging countries.
Despite the sluggishness of the international context, it is worth noting that, internally, economic growth was maintained at 5.6% and inflation at 3%. This makes our country one of the most resilient in the Central African Economic and Monetary Community (CEMAC).
The Right Honourable Speaker of the National Assembly, Honourable Members of Parliament,
In 2016, Government's attention focused particularly on several challenges including:
- the implementation of the Three-Year Emergency Plan for Accelerating Economic Growth;
- the finalization of construction works of sports and related infrastructure, necessary for the organization of the 2016 edition of the Women's Africa Cup of Nations;
- the intensification of preparations for the 2019 edition of the Africa Football Cup of Nations.
The year 2016 marks the point of departure of a defining milestone for the digital economy established by the President of the Republic.
Cameroon's debt to Gross Domestic Product (GDP) ratio stands at 22.8%, which offers the country leeway to finance infrastructure through recourse to borrowing.
The fiscal policy implemented in 2016 contributed to improving the business environment with a wider offer of tax services and a broader tax base.
Government raised 165 billion CFA Francs on capital markets through a bond issue at the rate of 5.5%. These resources have been allocated to finance development projects listed in the 2016 Finance Law.
To protect the national economic space, four new scanners were recently procured for the Douala Port to allow for the optimum inspection of goods.
Regarding public procurement, efforts to clean up the system and strengthen governance overall were continued.