AfDB injects over 10 billion FCFA to improve public finance governance.

The Minister of the Economy, Planning and Regional Development, MINEPAT, Alamine Ousmane Mey, in a recent release stated that the money is AfDB’s funding for the current financial year of the Public Finance Governance Support Project, PAGFIP.

The MINEPAT boss, it should be noted, had on the instruction of the President of the Republic, Paul Biya, signed a loan agreement with the AfDB through which this funding will be disbursed.

Minister Ousmane Mey specified that the funding amounts to 11,600,000 Units of Account, UA, which is about 9,545,408,000 FCFA, supplemented by an AfDB grant worth 820,000 Units of Account, representing approximately 674,761,600 FCFA, will be used to finance the PAGFIP.

He described the gesture as a demonstration, once again, of the African Development Bank Group’s willingness to contribute to the implementation of the National Development Strategy 2020-2030, (NDS 30). 

The government official disclosed that the duration of the PAGFIP is four years, 2023-2026; and aims to contribute to strengthening the institutional and organisational environment for public finance management, through increased mobilisation of fiscal revenues and promotion of efficiency in public spending.

He further outlined the specific objectives to include: improving the mobilisation and security of fiscal revenues; limit budgetary risks by monitoring and controlling budget execution; systematise internal and external audit and verification practices as well as to combat corruption and illicit financial flows.

The Economy Minister used the occasion to extend, on behalf of the Head of State, and the people of Cameroon, his gratitude to the AfDB Group for its constant and multifaceted support to Cameroon’s development endeavours.

It is worth recalling that on Monday June 19, the AfDB Group, in a move, seen as accompanying government’s effort to boost national development, unveiled its 2023-2028 country strategy for Cameroon.

The Central African Regional Director of the continental bank, Dr Serge N´Guessan, who delegation of the institution to Yaounde, detailed the major highlights of approaches to be adopted during the five-year plan.

This is to ensure that the Bank’s interventions in Cameroon produce tangible results, both in terms of improved infrastructure and human resources development.

The country strategy will focus on helping Cameroon increase its energy supply; improve roads and other transport infrastructure; build more human capacities; and engage the participation of the private sector in the management of the national economy.