Cameroon tables bigger budget for 2016 of $6.9 bln
Cameroon tables bigger budget for 2016 of $6.9 bln
Reuters Africa, 18 Dec 2015
URL: http://af.reuters.com/article/cameroonNews/idAFL3N14701920151218
YAOUNDE Dec 18 (Reuters) - Cameroon's government has tabled a 2016 budget of 4,200 billion CFA francs ($6.9 billion), up 13.5 percent on last year in the central African country that exports coffee, cocoa and oil, said Prime Minister Philemon Yang.
The draft budget was passed by the national assembly on Thursday and is being considered by the Senate, where it is expected to be ratified into law given that veteran President Paul Biya's party has a majority in both houses.
Among its funding sources, the government expects oil revenues of around 400 billion CFA francs and around 2,500 billion in non-oil receipts and 505 billion CFA francs in project loans.
Although global crude oil prices have slumped this year, Cameroon has increased its oil revenues after expanding production.
In September, the International Monetary Fund revised Cameroon's 2015 growth forecast up to 6 percent, saying it could be higher but for a drop in oil prices and an operation against Boko Haram, an Islamic militant group.
Cameroon is part of an 8,700-strong task force including troops from Chad, Niger, Nigeria and Benin that has pledged to destroy Boko Haram, which though based mainly in Nigeria has become a major threat to regional security. ($1 = 605.6 CFA francs) (Reporting by Sylvain Andzongo; Editing by Matthew Mpoke Bigg and Susan Fenton)
The draft budget was passed by the national assembly on Thursday and is being considered by the Senate, where it is expected to be ratified into law given that veteran President Paul Biya's party has a majority in both houses.
Among its funding sources, the government expects oil revenues of around 400 billion CFA francs and around 2,500 billion in non-oil receipts and 505 billion CFA francs in project loans.
Although global crude oil prices have slumped this year, Cameroon has increased its oil revenues after expanding production.
In September, the International Monetary Fund revised Cameroon's 2015 growth forecast up to 6 percent, saying it could be higher but for a drop in oil prices and an operation against Boko Haram, an Islamic militant group.
Cameroon is part of an 8,700-strong task force including troops from Chad, Niger, Nigeria and Benin that has pledged to destroy Boko Haram, which though based mainly in Nigeria has become a major threat to regional security. ($1 = 605.6 CFA francs) (Reporting by Sylvain Andzongo; Editing by Matthew Mpoke Bigg and Susan Fenton)