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cameroon 2010 budget - pres. hammers on growth

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    http://allafrica.com/stories/200910260780.html

    Circular instructs vote holders to prioritise investment and improve living conditions of Cameroonians.

    The 2010 budget is expected to be prepared under the following assumptions: that the country will attain a growth rate of 4 per cent, an inflation rate of 3 per cent, and a balance of payment of 5.6 per cent among others.

    These are some of the elements contained in the Presidential circular signed on Thursday, 22 October, 2009 and addressed to Ministers of State, Ministers, Ministers Delegates, and Regional Governors. The circular, in effect, gives guidelines for preparing the State budget. The Gross Domestic Product (GDP) growth projection as well as the inflation rate has remained fixed as last year for obvious reasons. Last year's projections were stifled by a number of factors, one of which was the emergence of the Global Financial crisis and a systematic drop in oil prices with all the undesirable repercussions that were generated thereof. It is therefore prudent not to base projections on those of last year but on the dispensations that finally characterised the year. As a result of that situation, experts fear the growth rate may not even hit 3 percent by the end of 2009.

    The timid resumption of the World economic growth with a significant improvement in oil prices hitting almost 80 dollars a barrel up from a devastating 55 dollars last year rekindles hope. It is certainly on the bases of these indicators that the Head of State's circular portrays some degree of optimism. According to the instructions, the budget should be oriented towards increasing public investment, notably in the energy, infrastructure and agriculture sectors, diversifying sources of financing and improving the lives of the population.

    In this wise, the circular hammers on the execution of energy development programmes including renewable energy, roads, ports and rail development infrastructure. It equally hammers on the execution of major agro-industrial projects as well as major industrial and mining projects. Special attention has to be given to social development projects to enable the population have access to po

 
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