The announcement was made during the session of the Economic Policy Council, held on December 17, 2020 in Yaoundé. The work chaired by the Director General of the Economy and the Programming of Public Investments, at the Ministry of the Economy, Planning and Territorial Development, Isaac TAMBA, was placed under the theme “Post-Covid Economic Recovery -19 ”.
During this meeting, members of the Economic Policy Council reviewed the flagship measures taken by the public authorities on the budgetary and monetary plans, in order to mitigate the perverse effects of the Covid-19 pandemic on the economy. Cameroonian. The participants also proposed concrete measures to be implemented with a view to the stabilization and lasting revival of economic activities.
These include, among others, “the pursuit of fiscal consolidation efforts by increasing budget revenues, rationalizing government spending and controlling public debt.” It also involves supporting the import-substitution policy, through more support for the private sector by setting up guarantee funds, support funds and direct support.
Other measures relate to improving the legal and judicial business climate, the general review of public policies and the integration into the Table of State Financial Operations (TOFE) of all actors, in the ‘opting to make the single treasury account viable’, provides information published on the online platform of the Ministry of the Economy, Planning and Regional Development.
According to the Director-General of Budget at MINFI, some of these measures have been taken into account in the state finance bill for the 2021 fiscal year. Cyril EDOU ALO’O who also revealed that the 2021 budget is a “budget for stabilization and sustained economic recovery”. In this perspective, Cameroon projects a growth rate of 3.3% in 2021 against -2.6% in 2020, we can read.
Indeed, the Ministry of Economy had projected a drop in the growth of the secondary sector in Cameroon to -3% in 2020 from 4.1% in 2019, due to the coronavirus pandemic.
