MINISTRY OF FINANCE REPUBLIC OF CAMEROON Peace – Work – Fatherland
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00000220 CIRCULAR N° _______________ /C/MINFI OF _______________ 22 JUL 2020
Specifying the modalities of organization, operation and monitoring-evaluation of the Special National Solidarity Fund for the Fight against Coronavirus and its socio-economic consequences.
| SERVICES DU PREMIER MINISTRE VISA | | --- | | 006929 22 JUL 2020 | | PRIME MINISTER'S OFFICE |
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# THE MINISTER OF FINANCE
TO
ALL:
- Heads of Sectoral Ministerial Departments;
- Project Owners and Delegated Project Owners;
- Covid-19 Focal Points;
- Financial Controllers;
- Public Accountants.
| SERVICES DU PREMIER MINISTRE VISA | | --- | | 006929-22 JUIL 2020 | | PRIME MINISTER'S OFFICE |
The COVID-19 pandemic, a veritable global health crisis has not only recorded considerable loss in the number of lives but also puts to test the worldwide health systems, as well as impacted on the socio-economic, financial, cultural, environmental and political consequences on a large scale. The contraction of supply combined with that of world demand, in particular for services, mainly as a result of health containment measures adopted by many States around the world, essentially explain the major disruptions observed in trade and the evolution of stock market indices, with a drastic drop in the prices of raw materials, notably oil. The scale of the crisis has inexorably led to a recession in the global economy and the overexposure of marginalized and poor populations and low-income households.
This global movement has not spared our country whose socio-economic growth over the past three years has been seriously compromised. The growth forecasts were therefore revised downwards from 4% to -1.1%. The government was thus obliged to take a series of response measures not only to curb the spread of the disease and treat those infected, but also to provide assistance to most vulnerable businesses and social groups that are affected. It is in this context that the President of the Republic signed Ordinance N° 2020/001 of 03 June 2020 modifying and supplementing certain provisions of the law N° 2019/023 of 24 December 2019 relating to the finance law of the Republic of Cameroon for the 2020 financial year.
In view of the various constraints that this multidimensional crisis weighs on the State's own revenue, the Government, through the Budget Collection that the above-mentioned ordinance devotes, intends to conduct a counter-cyclical budgetary policy, focused on readjusting opening of votes, calls for donations and a sustainable debt policy. The objective thus pursued consists in creating the budgetary avenues necessary for the implementation of the measures contained in the strategy for responding to the pandemic of COVID-19, in parallel with the voluntarism measures of tax reductions aimed at supporting economic activity.