11 July 2017

Cameroon: Public Finance Management - Cemac Team On Evaluation Visit

The officials will until July 21, 2017, exchange with Cameroonian authorities on the level of implementation of structural reforms.

Amission from the Central African Economic and Monetary Community (CEMAC), dubbed 'Multilateral Surveillance Mission' has begun a bi-annual evaluation visit to Cameroon. The visiting team, led by CEMAC Commissioner's Chief of Cabinet in charge of Economic, Monetary and Financial Policies and Director of Multilateral Surveillance, Nguemeni Jean-Claude, began meeting with Cameroonian authorities yesterday Monday July 10, 2017, in Yaounde.

Their first encounter was with officials of the Ministry of Economy, Planning and Regional Development as well as those of the Ministry of Finance. Coming on the heels of sustained slowdown in economic growth in CEMAC member countries occasioned by fall in oil prices in 2014 as well as drop in global commodity prices, the visiting team seeks to follow up the implementation of a sub-regional reform programme. Heads of State of Cameroon, Gabon, Central African Republic, Chad, Republic of Congo and Equatorial Guinea had on December 23, 2016, adopted 21 recovery measures which were integrated in a CEMAC Economic and Financial Reform Programme earlier put in place in July 2016.

Until July 21, 2017, the CEMAC team will evaluate the macroeconomic situation of Cameroon in 2016 and make projections for the year running and 2018. They will equally look into the dispositions already taken at the national level for the adequate implementation of the 2017-2019 economic and financial programme offered by the International Monetary Fund to Cameroon on the Extended Credit Facility. Alongside Cameroonian authorities and experts, the CEMAC team will also be engaged on evaluating Cameroon's adherence to the CEMAC directives on the harmonisation and modernisation of the management of public finances adopted on December 19, 2011. The deadline for adherence to the directives have been fixed for December 31, 2017. We learned the directives, six in number, relate to governance and transparency in public finance management, finance bills, public accounting, public finance nomenclature and state financial operations tables. It is expected that if all member countries adhere to the directives in due time, it will help the sub-region wade off the double shock of fall in oil and commodity prices as well as insecurity.

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