CEMAC: FCFA 75 Billion Budget Adopted

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CEMAC: FCFA 75 Billion Budget Adopted

14 mars 2022 15:26

The Central African Economic and Monetary Community (CEMAC) parliament in adopting the said budget equally adopted the directives on the harmonisation of legislation concerning the Value Added Tax (VAT) in the sub-region.

T he proposed running budget of the Central Economic and Monetary Community (CEMAC) for 2022 has been adopted. The sum of FCFA 75.1 billion was adopted during a video session of the sub-region’s legislative arm, CEMAC Parliament under the chairmanship of Hon Hilarion Etong who also doubles as First Vice Speaker of Cameroon’s National Assembly. For two days (March 7-8), the law makers drawn from the member countries of the sub-region, examined the budget in a plenary as was presented by the President of the CEMAC Commission, Prof Daniel Ona Ondo. The budget for 2022 drops by FCFA 14 billion, that is 15.77 per cent in relative terms compared to the previous budgetary year which stood at 89.2 billion. The drop, is attributed to the gloomy economic situation of the sub-region and the world at large, worsened by the impact of the corona-virus. Thus, the CEMAC Commission is expected to drastically cut down running expenses such as transport and mission allowances and other social engagements, amongst others.

Prof Ona Ondo stated that the recovery mechanism of contributions from member States, optimal mobilisation of external resources and maximising recovery of the structure’s revenue and the putting in place of new revenue sources will be their main focus. Meanwhile, he pleaded with the sub-regional legislative organ to advocate for the complete pa...