Parliament: Finance Ordinance and three others tabled at plenary session

Four bills have been tabled at the Lower House of parliament this June 10, 2021 in a plenary session chaired by House Speaker Honourable Cavaye Yeguie Djibril.

The bill seeks to ratify Ordinance No. 2021/2 of 26 May 2021 to amend and supplement some provisions of Law No. 2020/18 of 17 December 2020: The Finance Law of the Republic of Cameroon for the 2021 financial year

The ordinance mainly seeks to raise the ceiling for non-concessional loans in the State Budget from CFAF 300 billion to CFAF 750 billion.

It also authorizes the Government to resort to issues on the international market for an amount of CFAF 450 billion for the partial or total redemption of the current Euro jump.

Cameroon, which had made a guarantee and ring-fencing arrangement, consisting of a monthly provision of CFAF15 billion, in an escrow account as repayment of the 2015 Eurobond, is facing some cash-ficw difficulties owing notably to the COVID -19-related health crisis and the volatile economic situation in terms of revenue.

The planned redemption operation seeks to improve our fiscal space through debt reprofiling.

Another bill tabled was the bill to authorize the President of the Republic to ratify the Cooperation Agreement between the Government of the Republic of Cameroon and the Swiss Federal Council, on the reciprocal abolition of the visa requirement for holders of diplomatic or service passports, signed in Yaounde on 26 September 2014.

This bill aims to authorize the President of the Republic to ratify the Agreement between the Govermment of the Republic of Cameroon and the Swiss Federal Council, on the reciprocal abolition of the visa requirement for holders of diplomatic or service passports, signed in Yaounde on 26 September 2014.

With a view to strengthening their friendship and solidarity ties, Cameroon and Switzerland decided to sign the Agreement to allow their nationals, holders of diplomatic or service passports, to enter and leave the territory of either State, w ithout major difficulties.

The Bill to authorize the President of the Republic to ratify the Stepping Stone Agreement towards a Bilateral Economic Partnership Agreement between the Republic of Cameroon and the United Kingdom of Great Britain and Northern Ireland was also tabled before parliament.

This bill seeks to authorize the President of the Republic to ratify the Stepping Stone Agreement towards a Bilateral Economic Partnership Agreement between Cameroon and the United Kingdom of Great Britain and Northern Ireland.

It should be recalled that following the exit of the United Kingdom of Great Britain and Northern Ireland from the European Union (BREXIT), Cameroon entered into negotiations with this friendly country with a view to signing a new Economic Partnership Agreement (EPA).

The last bill tables this Thursday at the National Assembly was the Bill to govern access to genetic resources, their derivatives, traditional knowledge associated with genetic resources and the fair and equitable sharing of the benefits arising from their utilization.

This bill lays down the overall legal framework dedicated to protecting and developing national genetic resources, and thus making them a major lever for development and the fair and equitable sharing of the financial benefits arising from their utilization.

The bill which falls within the framework of Cameroon’s implementation of the Nagoya Protocol to which it acceded in 2016, seeks to support the development of genetic resources and the traditional knowledge associated therewith in order to encourage their conservation and sustainable use. Also to regulate access to genetic resources, their derivatives and or associated traditional knowledge.

Bruno Ndonwie Funwie

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