Cameroon expects FCFA 6,345.1 billion budget in 2023, up 4.4% (official)

(Business in Cameroon) – According to the 2023 Finance Law of the State of Cameroon, of which Invest in Cameroon was able to obtain a copy, and which the parliamentarians are preparing to examine, the government proposes a balanced budget allocation in revenue and jobs equal to FCFA 6,345.1 billion. This endowment is up by FCFA 264.7 billion (+4.4%), compared to FCFA 6,080.4 billion for the year 2022, obtained following the collective budget decided on 2 June 2022 by the President of the Republic.

The budget proposal for 2023 envisages a general budget of FCFA 6,274.8 billion (an increase of FCFA 297.1 billion, or 5% compared to 2022), against FCFA 70.3 billion for accounts with special allocation. This latest envelope is down more than FCFA 31 billion, due, we learn, “the withdrawal of the special allocation account previously intended to finance the fight against Covid-19“.

With the entry, we learn, the government of Cameroon intends, during the financial year 2023, to mobilize FCFA 3,528.1 billion in tax and customs revenues. Pending the validation of the government’s proposals by Parliament, the tax and customs revenues thus envisaged are up by 379.4 billion FCFA, compared to the 3,148.7 billion FCFA contained in the supplementary maneuver of 2 June 2022. non-tax donations are expected at FCFA 250.4 billion, donations at FCFA 91 billion.

A major component of Cameroon’s state budget, oil and gas revenues, which include revenues from sales and taxes on oil companies, are projected by the government at FCFA 807 billion. We observe stagnation on this item of revenue, compared to the 806 billion FCFA launched by the supplementary budget of 2 June 2022. It should be remembered that, due to the improvement in oil and gas prices internationally in 2022, this financial law amending had earmarked a 43.4% (FCFA 244 billion) increase in the initial oil revenue envelope, from FCFA 562 billion in the initial budget up to FCFA 806 billion.

Alongside revenues, the 2023 budget shows a financing requirement estimated at 1,682.4 billion CFAF, a decrease of 186.1 billion CFAF compared to the previous year (1,868.5 billion CFAF). To fill this gap, underlines the document which will be examined by the parliamentarians, the government is counting on the budgetary support of international donors provided under the economic and financial program with the IMF (281.3 billion FCFA), on disbursements on project loans (795.4 billion FCFA) , fundraising through the issuance of public securities on the money market (BEAC) and probably on the sub-regional financial market which is Bvmac (450 billion FCFA) , and bank loans (155 .7 billion FCFA).

Brice R. Mbodiam

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06-03-2022 – 2022 budget: understanding the law amending the Cameroon state budget in seven tables

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