Public Finance Dialogue: Gov’t commits to improve transparency through digitalization.

The commitment was taken by the Minister of Finance, Louis Paul Motaze. This was after the European Union, EU, Ambassador to Cameroon and Head of the European Union Delegation, Jean-Marc Chataigner, stung the government over the slow implementation of financial reforms.
The Ambassador reminded the government that it is now five years that the EU and the government put up a reform plan and jointly agreed that its implementation should immediately begin.
“The plan that was conceived in 2017 was envisaged to cover the period 2019-2022; with implementation expected to be completed between 2022 and 2023. This period has elapsed, and it is now time to move forward into evaluating the actual implementation of the measures prescribed,” Chataigner stated.
The diplomat said the measures contained in that plan were intended to make sure that management of public finances is transparent, performant, conforms to international standards; and above all, puts the management of public finance at the service of national development.
Ambassador Chataigner, expressed hope that the evaluation of public expenditure and revenue receipts that the Public Dialogue will be reviewing, would throw sufficient light on what government has achieved since 2019. He also called on technical and financial partners to support the financial reforms.

National, international uncertainties
The Minister of Finance said the Public Finance Dialogue was holding at a time when Cameroon and other developing countries and the international community at large is plagued by numerous uncertainties.
Apart from not being able to recover fast enough from the ravages of the coronavirus pandemic, Minister Motaze said, the war in Ukraine has aggravated the outlook of the global economy.
These, he said, to a limited degree, compromised government’s efforts  of ensuring recovery. Overall projections, Minister Motaze said remain positive, translating into a growth rate of 3.9 percent in 2023 compared to 3.6 percent in 2022.
The Minister attributed the improved performance in growth rate to the petroleum sector, which he said, moved from a negative growth of minus one percent in 2022, to – minus zero point four (-0.4) percent in 2023.
Motaze assured that in 2024, economic projections will continue to be positive, despite uncertainties.
He said growth in Gross Domestic Product, GDP, is expected to peak to 4.5 percent next year. He added that, this will be thanks to the dynamism being witnessed in the primary sector as well as services sectors.
On inflation, the Minister of Finance said it will be reduced by 2.7 points, from the 6.7 percent estimated as at 2023, to settle at 4 percent in 2024.