A plenary sitting chaired by the House Speaker, Hon. Cavaye Yeguie Djibril, yesterday endorsed the adoption by the Finance and Budget Committee after the latter’s scrutiny.
Two bills to amend 2014 and 2015 Finance Laws as well as two Agreements pertaining to Preferential Trade Systems among the Islamic Conference member countries and on mutual administrative assistance in tax matters for OECD countries, were ratified by Members of Parliament during a plenary sitting of the National Assembly yesterday, March 30, 2015.
The bills which were declared admissible by the Chairmen’s Conference on March 21, 2015 were scrutinised by the Finance and Budget Committee from Wednesday, March 25, 2015. Reading out the Finance and Budget Committee reports, the General Rapporteur of the said Committee, Hon. Luc Koa, said the bill to ratify the December 10, 2014 Ordinance amending and supplementing the Finance Law for the 2014 fiscal year, was to raise the ceiling of non-concessional loans from FCFA 250 billion to FCFA 600 billion to enable government mobilise resources from donors to implement the Three-Year Growth-Acceleration Emergency Plan.
Meanwhile, by virtue of the February 6, 2015 Ordinance to amend and supplement certain provisions of the Finance Law for the 2015 Financial Year, the maximum amount of public securities government was authorised to issue, in particular Treasury Bonds, in order to finance development projects was increased from FCFA 320 billion to FCFA 900 billion.
Responding to questions from several worried MPs from the Social Democratic Front party, the Minister of Finance, Alamine Ousmane Mey, reassured that the Emergency Plan which will be explained in due time to the House by the Prime Minister, Head of Government will not impede on the ongoing Programme Budget and will help propel growth while improving on the lives of Cameroonians.
Source : Cameroon Tribune