Cameroon's 2015 Budget to Centre on Growth, Job Creation
By Godlove BAINKONG, Cameroon Tribune, 04-08-2014
Presidential orientations contained in an August 2, 2014 circular guides on its preparations.
Presidential orientations contained in an August 2, 2014 circular guides on its preparations.
The 2015 State budget which will be the last for the first three years
of the results-based triennial programme budget (2013-2015) should lay
more emphasis on accelerating socio-economic growth and job creation,
the Head of State, President Paul Biya, has prescribed.
According to a
presidential circular addressed to Members of Government and Regional
Governors on how the budget should be prepared, the 2015 State budget
should be based on a continual plan to put in place policies to
spearhead the socio-economic, political and cultural development of the
country contained in the Growth and Employment Strategy Paper.
Its Economic Context
The
Head of State in the circular underlines that the preparation of the
2015 State budget should take into consideration the national and
international economic environment. This is notably the rebound in
global economies. Going by projections of the International Monetary
Fund (IMF), global economies could grow from 3 per cent in 2013 to 3.6
per cent in 2014 and 3.9 per cent in 2015. Meanwhile, vote holders must
not lose sight of persistent economic difficulties of the Euro zone and
the crisis in the Middle East. But brighter economic prospects in the
country, the presidential circular underlines, with a projected economic
growth of 6 per cent supported largely by the petroleum sector should
serve as a spur to preparing a budget that could trigger an average
economic growth rate of 6.3 per cent between 2015-2017. The Head of
State stipulates that all should be done to maintain inflation at below 3
per cent.
What Goals?
The
circular notes therefore that the budget should focus on viable means to
speed up economic growth, the standards of living of the population as
well as reinforce the competitiveness of the country’s economy. “The
2015 budget should consolidate the achievements of the programme budget
in its preparation, presentation and discipline in its execution,” the
circular notes. The budget should as a matter of fact target an all
inclusive economy, strong and sustainable; notably through the
improvement of the country’s productivity and its diversification
likewise its trade partners.
The
budget should also be such that respects the calendar for the execution
of development projects, source for financing projects contained in the
emergency plan and take off preparations for an effective agricultural
mechanization in the country. Access of farmers to improved seedlings
and farm inputs and an improved processing of agricultural products will
not be the least of issues that the 2015 State budget should focus on.
The
budget, the Head of State stipulates, should also lay emphasis on
improved performance of the public investment budget, improve the
business climate to encourage private investment and embrace better
strategies to improve revenue collection and public spending.
The Programmes
Being a
continuation of the results-based management budget (programme budget)
which went operational in 2013, the 2015 programmes and projects are
expected to consolidate the achievements of 2013 and 2014 and seek ways
of righting wrongs encountered thus far. In respect of Law No. 2007/006
of December 26, 2007 relating to the Fiscal Regime of the State, the
budget is expected to bring out ministerial and sector-by-sector
strategies based on the Growth and Employment Strategy Paper. Programmes
are expected to be clearly spelt out, their objectives well defined for
amounts to be allocated to them. Here, budgetary discipline is to be
reinforced. As such, cost of programmes should be rigorously evaluated.
Government,
the Head of State underlines, should continue with energy, transport
and telecommunications infrastructure development for the growth of the
economy and wellbeing of the population.
What Vote Holders Must Know
Each
ministry, by the Presidential circular, must set aside a line in its
budget for preliminary studies to justify the maturation of projects to
be financed as well as for the drawing up of contract award documents
for the projects. The administration will also need to ensure that
priority for 2015 public investment budget is given to projects which
had previously received engagement authorisations and budgeted and whose
execution meets standards. This is to avoid project abandonment which
most often is blamed on insufficient funds.
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