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Mobilization of Resources: Cameroon lays the foundations for the establishment of a National Integrated Financing Framework.

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Les résultats de l’étude sur l’Evaluation du Financement du Développement au Cameroun ont été présentés ce jeudi 12 mars 2020 à Yaoundé, au cours d’un atelier co-présidé par le Ministre de l’Economie, Alamine Ousmane Mey et le Ministre Délégué auprès du Ministre des Finances Yaouba Abdoulaye.

The study on the evaluation of financing for development, drawn up by the Cameroonian government with the support of the United Nations Development Program (UNDP), constitutes the basis of the process of setting up a National Integrated Financing Framework (CNFI) for optimizing the mobilization of private and public financial resources.

               According to the UNDP Resident Representative, Jean-Luc Stalon, this study is important in the fact that it will better harmonize the collection of national and international resources to improve financing for development. Indeed, the mapping of funding sources currently mobilized and mobilizable in Cameroon reveals that there is a real potential for bringing together additional public, private, national and international resources, making it possible to bridge the development financing gap.              

According to the Minister of Economy, Planning and Regional Development, Cameroon must make additional efforts through, among other things, the broadening of the tax base, the reduction of tax expenditures and the improvement recovery collection techniques. There is also talk of broadening the sources of concessional finance, mobilizing alternative finance such as public-private partnerships, raising the rate of savings and banking, and improving internal resources.            

   For Alamine Ousmane Mey, these are avenues that will allow Cameroon to strengthen and consolidate the actions already carried out, but also to explore new avenues that will allow it to raise the level of resources mobilized and align public policies to financial resources available, in order to lead the country towards its emergence by 2035. MINEPAT has also called for the understanding, and support of all social actors and components in order to achieve a comprehensive framework which would allow the new National Development Strategy to benefit from the necessary financial support.            

   It is worth noting that, the evaluation of financing for development in Cameroon has made it possible to explore all the current sources of financing and to identify the most promising. It also gave the opportunity to assess the national framework for planning, programming, budgeting and monitoring-evaluation of development, in order to make it possible to propose an action plan for the mobilization of resources and the management of innovative financing.              

  The report presented this Thursday, March 12, 2020 in Yaounde, presents a number of recommendations, namely: (i) to strengthen the mobilization of budget revenue; (ii) to guarantee the sustainability of public debt and the sustainability of public finances in the long term; (iii) to fully exploit the opportunities offered by development cooperation including global funds and green funds; (iv) improve the mobilization of national savings for long-term financing of the private sector; (v) set up incentive mechanisms to increase the participation of the diaspora in financing development; and (vi) remove the main obstacles to the emergence of public-private partnerships.            

   It is equally worth recalling that the study on the evaluation of financing for development in Cameroon, is in line with one of the main recommendations of the action program adopted at the third International Conference on Financing for Development held in Addis Abeba in July 2015. This is about the need for governments to set up a National Integrated Financing framework to improve resource mobilization.