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First Budgetary Orientation Debate: Finance minister presents 2020 initial projections.
First Budgetary Orientation Debate: Finance minister presents 2020 initial projections.
In accordance with latest changes in the budgetary calendar which introduced into the State budget preparation process, the organisation of a midterm Budgetary Orientation Debate (BOD), the Minister of Finance, Louis Paul Motaze, on July 7, 2019 presented and defended the initial 2020 finance law for evaluation by the Finance and Budget Committee of the National Assembly. Deliberations unfolded in the presence of the Minister Delegate at the Presidency in charge of Relations with Parliament, Bolvine Wakata.
Minister Motaze in his presentation said the Budgetary Orientation Debate provided for by law no 2018/012 of July 11, 2018 seeks to meet the requirement of transparency and strengthen the participatory nature in the preparation of the State budget. The debate, he added, permits the government to appropriate macroeconomic assumptions underlying the draft budget under preparation and enables Parliamentarians to make their contributions to the budgetary choices approved by the government. “It is therefore a historic meeting since this debate took place for the very first time in our country which reminds us of our responsibility and whose purpose it should be reaffirmed is to lead Cameroon to emergence by 2035. It is with shared pleasure that I present on behalf of the government led by the Prime Minister, Head of Government, Dr Joseph Dion Ngute, the profile of the finance law for 2020 financial year, subject of the first Budgetary Orientation Debate in the history of public finances in our country,” he stated.
Though no exact figures on the budget was given, a technical facts sheet indicates that several basic principles have been taken into account which will be considered during the eventual preparation of the State budget. The institutionalization of the BOD, an explanatory note of the Minister’s statement reveals, offers the executive and the legislature the opportunity to discuss each year the conditions, tools and means that allow medium-term sustainability of public finances through a better monitoring of public deficits. “In summary, the ultimate purpose of the BOD is to create conditions for the adoption of finance laws that permanently guarantee macroeconomic stability and consequently overall economic equilibrium,” partly states the document.
Emerging challenges and policy priorities are all highlighted in the document with government action to be guided by the principles of promoting inclusive growth, economic diversification and strengthening processing of local products, social protection, enhancing governance and the spirit of living together. Gross Domestic Product, inflation, revenue and expenditure and the fundamental aspects were equally considered during the orientation debate.
Reacting to the initiative, Hon. Etombi Ikome Gladys , CPDM MP for Fako, said:
“… I believe it was a wonderful initiative. Both the government and the parliamentarians had things to offer and we are going to be working together so that our budget will truly represent the needs of the people. We are just happy that it has come and we hope that in the future, much more will be done by government when they come to present, so that we will be able to make our country move forward in a positive direction”.
For his part, while also hailing the initiative, Senator Kinyang George, SDF Senator for the North West, hoped that it would provide them an opportunity to propose or orientate budget allocations to meet these priorities. He said “during our deliberations, we requested for the ring road which is a project that has been programmed to be realized. We equally suggested measures to be put in place to better fight corruption in the country. In the face of all the ongoing sociopolitical tension in the Anglophone regions, some public and private companies have shut down. We therefore suggested financial assistance to revamp these companies so that the two affected regions can begin to regain their economic boom”.
Adapted from Cameroon Tribune.