Cameroon expects 6.3% growth in 2015
2 December 2014
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Prime Minister Philemon Yang announced this on November 25 during the presentation of economic perspectives to the Assembly. Increased by 13%, the budget for the next fiscal year is set at 3,746.6 billion CFA francs.
The growth rate of the Cameroonian economy is expected to exceed 6% next year – a first since reaching the completion point of the HIPC (Heavily Indebted Poor Countries) initiative in 2006, marking its exit from two decades of economic crisis. After a performance of 5.8% this year – 5.3% according to the IMF – the government expects 6.3% growth in 2015, the Prime Minister revealed on November 25, while presenting the country's economic outlook to the deputies.
Increased spending
This assumption underlies Cameroon's 2015 budget [PDF], which amounts to 3,746.6 billion CFA francs (approximately 5.7 billion euros), an increase of 434.6 billion CFA francs (660 million euros), or a 13% increase compared to that of the current fiscal year.
This increase, which is based on an increase in revenue, is justified, according to Philemon Yang, "due to the entry into force of the law of April 18, 2013 setting incentives for private investment in Cameroon. The same applies to taking into account the preparatory activities for the 2016 and 2019 African Cup of Nations football tournaments, as well as other major priority projects."
Oil revenue is expected to bring in nearly 775 billion (+5.71%), while non-oil revenues would amount to 2247 billion (+14.09%). Cameroon will use bonds for 320 billion (+14.28%). Operating expenses (2159 billion) and investment expenses (1150 billion) increased by 150 billion in absolute value.
Jeuneafrique.com
Article posted on December 2, 2014
The growth rate of the Cameroonian economy is expected to exceed 6% next year – a first since reaching the completion point of the HIPC (Heavily Indebted Poor Countries) initiative in 2006, marking its exit from two decades of economic crisis. After a performance of 5.8% this year – 5.3% according to the IMF – the government expects 6.3% growth in 2015, the Prime Minister revealed on November 25, while presenting the country's economic outlook to the deputies.
Increased spending
This assumption underlies Cameroon's 2015 budget [PDF], which amounts to 3,746.6 billion CFA francs (approximately 5.7 billion euros), an increase of 434.6 billion CFA francs (660 million euros), or a 13% increase compared to that of the current fiscal year.
This increase, which is based on an increase in revenue, is justified, according to Philemon Yang, "due to the entry into force of the law of April 18, 2013 setting incentives for private investment in Cameroon. The same applies to taking into account the preparatory activities for the 2016 and 2019 African Cup of Nations football tournaments, as well as other major priority projects."
Oil revenue is expected to bring in nearly 775 billion (+5.71%), while non-oil revenues would amount to 2247 billion (+14.09%). Cameroon will use bonds for 320 billion (+14.28%). Operating expenses (2159 billion) and investment expenses (1150 billion) increased by 150 billion in absolute value.
Jeuneafrique.com
Article posted on December 2, 2014
