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Cameroon eyes 11.7 pct spending boost in 2010

By on November 19, 2009

Cameroon will raise government spending by 11.7 percent in 2010 to boost growth following a slight recovery in the global economy, Prime Minister Philemon Yang said Wednesday.

The nation’s draft budget proposes spending 2,570 billion CFA ($5.87 billion) with much of the hike targeting energy, infrastructure, agriculture and mining, Yang said in a presentation to parliament.

He said he expects growth in the oil, cocoa, and rubber producer nation to rise to 3.9 percent in 2010 from 2.5 percent expected this year, with inflation around 3 percent.

“The national economy should remain in a cycle of sustained growth thanks notably to the domestic demand dynamics, improved energy supply, continued fiscal consolidation and accelerated execution of projects,” Yang said.

The government expects a 310 billion CFA deficit to be financed by issuing 220 billion CFA in treasury bonds and through external loans amounting 110 billion CFA.

The National Assembly will start scrutinizing the bill on Thursday but given the majority the ruling party enjoys in the house the budgetary bill is expected to sail through without any modification.

Yang said the budget was drawn on the presumption of an average per barrel oil price of US$70 and a dollar exchange rate of 446 CFA francs.

Reuters.

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