Infos Business of Wednesday, 12 November 2014

Source: Cameroon Tribune

High expectations for the much-awaited 2015 Budget

Law makers of the lower and upper houses go to the budgetary drawing board for the next one month beginning today, November 12.

Budgetary sessions have often been boiling moments in the life of the nation; the reason being that they represent the thermometer with which to measure the wellbeing of the country. The 2015 budgetary session is opening amidst an atmosphere heavily charged with disgruntlement and high expectations.

In effect, the skies remain cloudy with unorthodox practices that are known to have hampered the execution of the 2013 and 2014 State Budgets. These will surely be the bone of contention at the Ngoa-Ekele Glasshouse and, to an extent, at the Conference Centre among Senators.

The dust raised by the low consumption of the Public Investment Budget in the past years is yet to settle. Cameroonians are still to understand why a country in dire need of development projects and a country having as lofty aim to be referred to in 2035 as emerging is unable to use its budget properly.

The Head of State, in his messages to the Nation, has not stopped hitting the table against this dangerous performance which has itself become one of the greatest threats to the country’s economy today. Self interest reigns supreme. Actors in the execution of the budget would not work normally if they don’t see an opening that will make them leak their palms.

As President Biya has had to point out, “we are an individualistic people, more concerned with personal success than general interest. Our administration remains susceptible to private interest, which is most often in conflict with national interest.”

This state of affairs has very far reaching consequences on the economy of the country; unexecuted projects, embezzlement, underdevelopment, unemployment and economic stagnation. That all this is happening at the time Cameroon badly needs these projects to emerge must be a serious point to tackle in this session.

It is true, budgetary sessions entail validating projects and programmes identified and presented by government, but it would appear, law makers have another greater task and duty; that of digging into how effective previous projects were executed.

This particular mission seems more challenging, for, it seems easy to programme projects than to execute them. In other words, Cameroonians will be more comfortable in the debates that concern budget execution than those that talk of what the Executive is planning to do.

The people’s representatives are expected to question why some projects, notably investment projects that ought to benefit the greater majority of the population, have not been executed. They are supposed to question where the money raised for such projects went to especially as they are informed that almost all revenue sources (Oil and Non Oil) have raised more than was expected from them. They will certainly want to know if the excess raised by these departments, taxation and customs for instance, will be considered in the new State budget.

The two houses of parliament are expected to work having in mind the two threats in the horizon as pointed out by Mario de Zamaroczy, Head of the IMF/World Bank joint mission to Cameroon that could have a direct impact on the country’s progress. These are; the drop in the price of oil on the international market between August and October from 103 dollars a barrel to 85 dollars and the insecurity in the Far North Region.

These two factors alone call for seriousness in the deliberations that will shape the life of the nation. The growth rate that presently stands at 5.3 per cent should improve and the population should feel it through improved lifestyle. Above all, parliamentarians should, as a matter of fact; work having in mind the National Assemblies is the livewire of the nation.