The Minister of Finance, and his counterpart of Economy, Planning and Regional Development have launched a two day seminar at the Yaounde Conference Centre aimed at schooling main actors on the prioritization of the State Budget for the 2021 Financial Year of the country.
During the two day seminar, experts from both the Ministries of Finance and the Ministry of the Economy are jointly schooling various actors involved in the preparation of the 2021 State budget on the appropriation of the new reforms, and public policy issues in the various ministerial departments.
In 48 hours, main actors in the budget preparation chain will receive instruments or tools necessary to complete work on budgetary preparation so as to ensure a more efficient allocation of resources and greater rationalization of budget choices in the ministerial departments of the country.
Speaking at the opening ceremony, the Finance Minister, Louis Paul Motaze reiterated that, the 2021 Financial Year’s State budget is being drawn up in a context characterized by the negative effects of the health crisis caused by the #COVID19, whose consequences on the restrictive measures taken by all the countries affected, have led to a slowdown in economic activities, not only in Cameroon but the world over.
It is in the backdrop of these economic repercussions which reduces the State’s budget margins and calls for greater optimization of public spending, that the two Ministries embarked in organizing the seminar so that the dynamics of Public finance efficiency reflected in various reforms must continue.
Budgetary Constraints Envisaged
With the impact of the #COVID19 still spreading its tentacles on the economy, no one can gainsay that the budget will face a number of constraints such as:
– the implementation of the second phase of the vision like the National Development Strategy (NDS);
– the reconstruction of the North West and South West Regions within the context of the Reconstruction and Development Plan For these regions;
– the optimization of the achievement of the implementation of the Economic and Financial Programme which has so far enabled the gradual reduction of the budget deficit to a sustainable level;
– the finalization of Projects initiated within the framework of certain government programmes such as the Three- Year Contingency Plan (PLANUT), Three-Year Special Youth Plan (PTSJ), CHAN 2021 and AFCON 2022;
– Operationalization Of Major first generation projects and the Start-up of second generation projects;
– Acceleration of the Decentralization process, in accordance with the recommendations of the Major National Dialogue, via the implementation of the General Code Of Regional and Local Authorities;
– Implementation of the response plan against COVID-19 and the economic and social repercussions
– the Control of the domestic debts, particularly the salary debt;
– Innovation of the Public Finance Reforms;
– Universal health coverage amongst others.
Other Aspects Participants Dwelled On
The participants are drawn from all Ministerial Departments in charge of elaborating budgets in their respective Ministries.
Consequently, they will be drilled on the need to include the 2021 State budget in the main strategic axes that should enable Cameroon to emerge from its heavy dependence on the outside world.
This according to Minister Louis Paul Motaze, could only be possible through the following:
– Promotion of “Made In Cameroon” products through various facilities granted to local producers, especially the “National Champions” in agro-industry, wood, textiles, mining, metallurgy, pharmaceuticals, and biomedical industries, etc.;
– viability of public enterprises via measures likely to improve productivity and profitability, hence consolidating their portfolio in order to enable the state of increase budget revenues and improve performance on the employment front, thereby boosting economic activity in the sectors where they operate.
Minister Louis Paul Motaze was joint by the Director General of Budget at the Ministry of Finance, Cyril Edou, to reiterate the importance to drill the various actors involved to consider the various challenges, innovations, and difficult measures that will mark the 2021 budget preparation.
Focus Of The Seminar
The two days seminar focused on the following:
– Presentation of the overall framework for the preparation of the 2021 State budget;
– Highlight in the shortcomings of previous Years State budget;
– Presentation of the stakes, challenges, and constraints of the preparation of the 2021 State budget;
– Presentation of innovations in the budgetary Plan induced by numerous reforms such as the (Law on the General Code Of RLA, etc…);
– Presentation of the Methodology tools for the preparation of the State budget for the 2021 financial Year.
During the Seminar, four Presentation will take centre stage namely:
-The impact of COVID-19 on Cameroon’s economy and the orientation of public policy;
– The 2021 Financial Year budget orientation;
– The stakes and challenges of the Law on the General Code Of RLA in the preparation of 2021 State budget Year; and
– The Elements For budget optimization with relations to public spendings.