Non-oil Tax Revenue: PM Yang Calls For Optimization Of Measures

 Below is the press release following the Cabinet meeting of Thursday, 26, January 2017

“The Prime Minister, Head of Government, His Excellency Philemon YANG, today (yesterday) Thursday 26 January 2016 chaired an important Cabinet Meeting in his Office as from 9:00 a.m. In attendance, apart from his close aides, were the Vice-Prime Minister, Ministers of State, Ministers, Ministers-Delegate and Secretaries of State.
Three items featured on the agenda:
1. The statement of the Minister for Finance on “the implementation of the resolutions of the Extraordinary Summit of Central African Heads of State held on 23 December 2016 on the Economic and Monetary Situation in the CEMAC zone”;
2. The statement of the Minister for the Economy, Planning and Regional Development on “Measures for strengthening macro-economic stability in Cameroon”;
3. The report of the Minister for Agriculture and Rural Development on “Preparations for the Cameroon Agriculture Roundtable”.
Speaking after the introductory remarks of the Prime Minister, Head of Government, the Minister for Finance recalled that, after the Extraordinary Summit of 23 December 2016, the Heads of State of Central Africa had adopted 21 resolutions to restore robust, sustainable and inclusive growth within the CEMAC area. These resolutions hinge on five major pillars, namely: (i) establish an appropriate budgetary policy especially by significantly cutting public spending and streamlining transfer payments; (ii) strengthen monetary policy and financial stability by maintaining the current fixed parity given the situation of CEMAC economies; (iii) strengthen international cooperation with technical and financial partners; (iv) pursue structural reforms through an integrated economic diversification strategy for CEMAC countries; (v) enhance regional integration through stronger customs union, free movement of persons and the development of integration-enhancing projects through the Regional Economic Programme.
Continuing his statement, the Minister for Finance indicated that the situation in the CEMAC zone requires that measures be taken internally to improve public spending quality. Apart from budgetary regulation, the measures taken in that regard concern especially ensuring strict compliance with quarterly commitment quotas, placing an upper limit on vote transfers and streamlining expenditure for routine consumption.
Taking the floor next, the Minister for the Economy, Planning and Regional Development pointed out that one of the key measures to get CEMAC out of the economic doldrums it has experienced for two years is undoubtedly to strengthen macro-economic stability. This will make it possible to prevent financial imbalances and crises, wide fluctuations of economic activity, high inflationary pressures and excessive financial market volatility.
The Minister in charge of the Economy enumerated measures Cameroon has to implement to strengthen macro-economic stability. These include: (i) identify key growth levers that can induce a new cycle of wealth creation; (ii) carry through ongoing structural reforms in order to promote growth and reduce poverty; (iii) lend fresh impetus to private investment to support economic growth; (iv) prioritize concessional or public-private partnership (PPP) financing; (v) improve the efficiency of public investments.
Lastly, the Cabinet Meeting listened to the report of the Minister for Agriculture and Rural Development on the state of readiness for the Cameroon Agriculture Roundtable. He revealed that this roundtable was prescribed by the President of the Republic to ensure greater synergy in the State’s interventions in the agr...