REPUBLIC OF CAMEROON Peace-Work-Fatherland
REPUBLIC OF CAMEROON Peace-Work-Fatherland
PRIME MINISTER'S OFFICE
SECRETARIAT GENERAL
SECRETARIAT GENERAL
# PRESS RELEASE FOLLOWING CABINET ## MEETING OF TUESDAY, 3 NOVEMBER 2020
Yaounde, 3 November 2020
The Prime Minister, Head of Government, His Excellency Joseph DION NGUTE, today Tuesday, 3 November 2020, at 10 a.m., chaired a Cabinet Meeting attended by Ministers of State, Ministers, Ministers-Delegate and Secretaries of State.
Three items featured on the agenda namely:
- Major innovations and implementing rules of the finance bill for the 2021 financial year;
- The profile of the 2021 financial year public investment budget;
- The situation of the COVID-19 pandemic in Cameroon.
Taking the floor on the first theme at the end of the Head of Government’s introductory statement, the Minister of Finance first of all recalled the context of the preparation of the finance bill for the 2021 financial year, marked by the uncertainties of the persistence of the COVID-19 pandemic and the still limited effectiveness of recovery policies. He went on to state that forecasts resulting from the macro-economic framework augur renewed economic growth in 2021, driven essentially by the agricultural sector, the resumption of investment and the improvement of energy supply. In addition, the overall fiscal policy will basically be based on the continuation of the fiscal consolidation effort, through an increase in domestic non-oil revenue and the rationalisation of budgetary choices in terms of public spending.
With regard to the innovations contained in the Finance Law for the 2021 financial year, the Minister of Finance indicated that they mainly relate to (i) the operationalisation of the import-substitution policy; (ii) the completion of the rationalisation of the Special Trust Fund; (iii) the strengthening of budgetary discipline within administrations, with regard to the opening of new commitment authorisations; (iv) the creation and capping of the Special Fund for the Development of the Electricity Sector; and (v) the raising of the ceiling of guarantees and endorsements granted by the State from 40 to 200 billion, by extending them to private companies. In addition, the Government intends to implement a series of fiscal measures to support the economy, with a view to improving the social and business environment.