Last August 30, President Paul Biya signed a circular relating to the preparation of the 2024 State Budget. The circular lays the guidelines for government action in 2024. The budget, whose theme is “socio-economic impact budgeting”, will notably focus on the continuation of major first-generation projects and the preparation of second-generation ones, the strengthening of decentralization, the pursuit of reconstruction plans for the North-West, South-West, and Far-North regions, the continuation of the import/substitution policy, and defense and security.
The circular identifies security as a priority area, with the maintenance of security monitoring and the enhancement of disarmament, demobilization, and reintegration for ex-combatants.
Concerning the economy, in addition to completing major first-generation projects and rehabilitating existing infrastructure, President Paul Biya is instructing, among other things, support for the production and processing of key local products such as rice, corn, millet, sorghum, fish, milk and pharmaceutical products. The strengthening of energy infrastructures through the commissioning of hydroelectric dams currently under construction, as well as solar power plants for rural electrification, are also planned. Other sectors like digital technology, transport infrastructure, trade, etc. are also taken into account.
As far as the social segment is concerned, President Paul Biya prescribed the creation of a national solidarity fund to provide better care for vulnerable people. Health surveillance must be maintained to protect the country against epidemics and pandemics. Similarly, universal health coverage remains a priority. The government will also have to pursue inclusive growth, notably through the High Labor Intensity approach to infrastructure projects and the Social Safety Nets for the most vulnerable social strata.
Concerning governance, "efforts already underway must be reinforced. In this respect, the improvement in transparency and public finance management currently underway must be pursued," President Paul Biya instructs.
The 2024 budget will be drawn up based on the following realistic assumptions: the GDP growth rate is 4.3%, the budget deficit is 1%, and the current account deficit is around 3%.