National Assembly: Priorities of the 5,7520.4 billion CFAF Voted State Budget for 2022

The State budget for the 2022 financial year is balanced in resources and uses at the sum of 5,752.4 billion CFAF as against 5,480.4 CFAF billion in 2021, an increase of 5%, representing 272 CFAF billion in volume.

This significant increase is the logical result of the budget support following the signing of the new Economic and Financial Programme (EFP) with the IMF.

In this budget for the 2022 financial year, the share devoted to Special Appropriation Accounts (SAA) amounts to 152.7 billion CFAF compared with 245.2 billion CFAF in 2021.

Domestic revenue and grants for the 2022 financial year are projected at 4 029.2 billion CFAF, an increase of 468.3 billion CFAF compared to the 2021 amending finance law, which established them at 3 550.8 billion CFAF, representing an increase of 13.2%.

At the national level, growth in 2021 is projected at 3.6%, thanks to the measures taken by the government as part of the stimulus policy, the gradual recovery of the service sector and the revival of the agricultural sector.

Inflation fell slightly to 2.4% from 2.5% in 2020.

Focus of the 2022 Budgetary Policy

For the 2022 financial year, the objective of the overall budgetary policy remains the medium and long-term sustainability of public finances and the proper implementation of the National Development Strategy NDS30, in line with the presidential guidelines contained in the circular of 30 August 2021 and the requirements of the new Economic and Financial Programme concluded with the IMF.

During the 2022 financial year, focus will be on commissioning major infrastructure projects, continuing the plan to support the production of consumer goods (import-substitution policy), improving the business climate, consolidating achievements and accelerating decentralization, as well as continuing the health response to COVID-19.

In 2022, the implementation of these various projects and the implementation of the selected actions will allow a growth rate of 4.2% to be envisaged, compared to 3.6% in 2021, representing an increase of 0.6%.

This growth will be driven by a number of factors, including the containment of the Covid-19 pandemic, the fallout from the organization of the African Cup of Nations, a less severe contraction in the oil and gas sector, and the mitigation of security problems.

The budget deficit for 2022 will remain capped at 2% of GDP compared to 2.4% in 2021.

However, the tax burden will increase in relative terms by 0.8%, from 11.3% of GDP in 2021 to 12.1% in 2022.

Bruno Ndonwie Funwie

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