26 December 2017

Cameroon: Budget Support - Cameroon Obtains FCFA 112 Billion Loan

The loan from the World Bank will help boost inclusive growth and sustainable development.

The World Bank has accorded to Cameroon a loan of FCFA 112.83 billion within the framework of the country's budget support programme. The financial package which is the first disbursement of a global sum of FCFA 220 billion was approved by the Bank's board of directors last week. To concretise the deal, a loan agreement was reached last Friday December 22, 2017, in Yaounde.

While the Minister of the Economy, Planning and Regional Development, Louis Paul Motaze signed on behalf of the government, the Country Representative of the World Bank, Gina Bowen penned for the Bretton Woods institution.

According to the Alternate Executive Director (Africa Group II) of the World Bank Group, Jean-Claude Tchatchouang, besides fiscal consolidation, the financial package will assist the poor as a considerable portion is destined for education and health.

He said they have substantially increased the Bank's portfolio in Cameroon and are changing their instrument for the country after a very long time. To Minister Louis Paul Motaze, they will ensure that engagements taken by the government within the framework of the budget support programme will be respected in order to ameliorate the living conditions of the people.

The Minister disclosed that the funds will be used to finance investment projects, offer technical assistance as well as performancebased financing.

It should be recalled reforms in relation to the budget support programme include: the reduction of fiscal spending; the adoption of the new code for public contracts; the deployment of SIGIPES II in public administrations; the operationalization of recent OHADA texts relating to the management of public enterprises and establishments; the putting in place of a robust and efficient mechanism for the payment of electricity bills; the amelioration of the functioning of the road fund and the starting of execution of contracts for road maintenance; increase of the budget allocated to primary and secondary health establishments; and the increa in the number of beneficiari of social protection.

The World Bank loan is comin after similar ones from the E ropean Union, the African Development Bank and th French Development Agency

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