Senate : OrdinanceBill Adopted

Bill No 164/PJL/SEN/2L to ratify the Ordinance of May 26, 2021 to amend and supplement some provisions of Law No 2018/18 of December 17, 2020: Finance law of the Republic of Cameroon for the 2021 financial year has been adopted at the Senate. The legal instrument was adopted on June 18, 2020 during a plenary sitting chaired by Senate President, Marcel Niat Njifenji.

The adopted bill was defended by the Minister of Finance, Louis Paul Motaze and it seeks to raise the ceiling for non-concessional loans in the State budget from FCFA 300 billion to FCFA 750 billion. It also authorises the government to resort to issuing of bonds on the international market for an amount of FCFA 450 billion for the partial or total redemption of the current Eurobond. Minister Louis Paul Motaze explained that Cameroon which had made a guarantee and ringfencing arrangement, consisting of a monthly provision of FCFA 15 billion in an escrow account as repayment of the 2015 Eurobond, is facing some cash-flow difficulties owing notably to the Covid-19 related health crisis and the volatile economic situation in terms of revenue. The planned redemption operation, he further stated, seeks to improve Cameroon’s fiscal space through debt profiling. Additionally, in the...