"The amending finance bill for the year 2020 is part of a particular context marked by the spread of the Covid-19 worldwide with consequences for the national economy," the government says. The rectification of the initial budget takes into account several hypotheses. This is to maintain oil production at 10.4 million metric tonnes; a drop...
Among the major innovations of this finance law, as described in the ordinance of the President of the Republic, there is the creation of a special allocation account called "Special National Solidarity Fund for the fight against coronavirus and its economic and social repercussions ”. Financed at FCFA 180 billion, the expenses of the said...
This drop in revenue is due to the drop in tax revenue (-587.353) driven by "Value-added taxes and turnover" (-298,017), "Taxes on specific products and excise duties "(-69,022)," Import duties and taxes "(-68.411 billion)," Personal income taxes "(-40,794)," Petroleum company taxes "(- 39.947). Besides, the other recipes are not doing any better. Thus, the “Revenues...
According to the Director-general of the budget at MINFI, Cyrille Edou Alo'o, in the columns of the newspaper: "the festivities marking the feast of National Unity (May 20) and the celebration of International Labor Day on May 1 are cancelled positions which made it possible to reduce the current expenditure envelope. As well as the...
"This fund is funded to the tune of FCfa 180 billion in the second half of 2020. The expenses borne by the said fund must contribute to the achievement of the objectives set out in the global response plan against the coronavirus pandemic", reads the document signed by Edou Alo'o Cyrill.
"If I take the case of oil, we have made our 2020 finance law on an assumption of a barrel at 54.4 dollars. There we are at less than 30 dollars. You understand that the consequence is immediate, "Minister of Finance Louis Paul Motaze said during the third Extra-ordinary session of the steering committee of...
The opacity in their management fueled by the eternal conflict between on the one hand their social and political functions and on the other hand, their economic missions, makes them almost all incapable of being forced to comply with the transparency requirements of the financial markets. It was one of the big announcements of the...
The “reasonable” deadline fixed at CEMAC and BEAC by the Heads of state of the sub-region to propose a reform plan for the common currency is clearly not yet exhausted. On November 22, 2019, the heads of state of the countries of the Central African Economic and Monetary Community CEMAC (Paul Biya from Cameroon, Faustin...
The country has complied with Community regulatory requirements for securing the reimbursement of these securities. The President of the Central African Banking Commission COBAC, also Governor of the Bank of Central African States BEAC, Abbas Mahamat Tolli, wrote to the Minister of Finance of Cameroon, Louis Paul Motaze, on May 4, 2020, to signify his...
