Presidency: Paul Biya Enacts Five Bills Adopted at Parliament

The president of the Republic of Cameroon, Paul Biya has enacted five bills that were recently adopted at both the Upper and Lower Houses of Parliament during the November ordinary session of parliament for the 2022 legislative year.

He made the announcement public through his twitter account this Tuesday December 27, 2022.

Amongst the bills ratified are the Finance law of the Republic of Cameroon for the 2023 financial year, Law on Cameroon’s accession to the Africa Finance Corporation (AFC), Law on the general cooperation agreement between Cameroon and Saudi Arabia, Law on the suppression of piracy, terrorism and offences against the safety of maritime navigation and platforms and the Settlement law of the Republic of Cameroon for the 2021 financial year.

Finance law of the Republic of Cameroon for the 2023 financial year

According to this bill, thee State budget for the 2023 financial year is balanced in revenue and expenditure at 6 345.1 billion CFAF as against 6 080.4 billion CFAF in 2022, representing an increase of 264.7 billion CFAF or 4.4 % over the 2022 financial year.

This increase in the state budget is already a significant indicator and certainty of more government actions geared towards development in 2023.

The 2023 finance draft law also projects a decrease in the global inflation rates.

At the international level by the slowdown in global economic growth, which is projected at 2.7% in 2023. However, inflation is expected to reduce to stand at 6.5% as a result of the disinflationary monetary policies implemented by central banks. The same trend is expected in the CEMAC area where the rate is projected at 3.3%.

Also, the global context in 2023 will be marked by the persistent risk of deterioration of the economic outlook due in particular to the Russo-Ukrainian conflict, constant oil price fluctuations and energy and food price shocks. At the national level, macroeconomic projections point to a 4.2% growth rate compared with 3.7% in 2022, despite the contraction of activity in the oil sector.

However, inflation will be contained at 3% as against 4.6% in 2022, which is within the CEMAC convergence threshold.

Law on the suppression of piracy, terrorism and offences against the safety of maritime navigation and platforms

According to the bill presented by government, the rise in piracy and maritime crime, as well as escalation of offenses against the safety of maritime navigation led the international community to adopt the Convention on the Law of the Sea in Montego Bay, Jamaica, on 10 December 1982.
This Convention, which was ratified by Cameroon on 19 November 1985, identifies a number of offenses and encourages States Parties to actively cooperate in efforts to suppressthem.
The incrimination system thus set up was complemented in 2012 by the CEMAC Merchant Shipping Code which established a list of illicit acts against maritime activities, while allowing each Member State to decide on the penalties to be imposed.
Lastly, the bill builds on the Yaounde Code of Conduct concerning the Suppression of Piracy, Armed Robbery against Ships, and Illicit Maritime Activity in the Gulf of Guinea of 25 June 2013.

Bruno Ndonwie Funwie

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