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General News of Friday, 11 April 2014

Source: Cameroon Tribune

State Treasury - Surplus Income for First Quarter

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Of the initially planned FCFA 594 billion, FCFA 673 billion was finally mobilised.

A balance sheet of the performance of Cameroon's treasury for the first quarter (January to March) of 2014 shows a surplus of FCFA 79 billion. In a press declaration on Wednesday April 9, the Director General of the Treasury, Financial and Monetary Cooperation in the Ministry of Finance, Sylvester Moh Tangongho, disclosed that of the initially planned FCFA 594 billion, FCFA 673 billion was finally mobilised.

"At the end of the first quarter of 2014, the execution of the budget in terms of revenue stood at FCFA 673 billion. The treasury actually planned for the recovery of FCFA 594 billion. This indicates a very good performance especially from our taxation and customs services whose performances were extra-ordinary," he said.

As concerns the expenditure, the Director General said the State's treasury paid more than FCFA 632 billion which included salaries and service provision. "As concerns payment deadlines, in treasury stations in the regions, payments are done within 30 days. At the central level where we have much expenditure (more than 70 per cent at the central pay mastery), we pay within 60 days and sometimes below. It is more than two years since we have been paying service suppliers within 60 days," Mr Moh Tangongho noted.

The 60 days deadline in Cameroon, he noted, is below the CEMAC regulation which stipulates 90 days. "Our objective is not to remain at 60 days but to improve and pay lesser than that," he added. On the credibility of the State signature, the Director General observed that if the State has treasury difficulties, it goes to the money market where the State's signature is quite recognised. "We borrow from the market at less than two per cent per annum for short-term treasury bonds. For example, when we ask for bonds for FCFA 10 billion, we have about FCFA 30 billion that is being provided for us but we take only what we need. We also have possibilities of drawing money from the Central Bank up to FCFA 335 billion but we have not reached that stage because we think the level of revenue is sufficient for us to honour our engagements," Sylvester Moh Tangongho assured.

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