The financing agreement relating to the sector reform contracts as part of the implementation of the national indicative programme of the 11th EDF was penned in Yaounde recently.
Within the framework of the cooperation with development partners, the government of Cameroon expressed the wish in 2016 to move away from the project approach to the budget support approach as the preferred method of financing development projects. It is on this premise that Cameroon and European Union have signed a FCFA 63 billion (96 million Euro) for the budget support programme under the implementation of the National Indicative Programme of the 11th EDF. The agreement signed recently between the Minister of the Economy, Planning and Regional Development (MINEPAT), Louis Paul Motaze and the Head of the European Union Delegation in Cameroon, Ambassador Hans-Peter Schadek, culminated a decision making process that gave rise to intense negotiations between both parties.
According to the MINEPAT boss, the financing in the form of budget support backed up by the sector reform contract, is intended to support reforms initiated by the government of Cameroon to meet the challenges of boosting agricultural productivity and effectiveness of public action in the area of public finances. The Sector Reform Cameroon, EU Sign FCFA 63 Billion Agreement the financing agreement relating to the sector reform contracts as part of the implementation of the national indicative programme of the 11th EDF was penned in Yaounde recently.
Contract (SRC) supports Cameroon’s agricultural policy through the Rural Sector Development Strategy (RSDS) and the National Agricultural Investment Plan (NAIP) as the operational framework. e targeted objective, Minister Motaze underlined during the signing ceremony is to promote sustainable and inclusive development in the rural sector, in order to scale up its contribution to economic growth. As the sectoral reform contract inaugurates the effective use of budget support for implementation of the 11th EDF, amounting to 34 per cent of the overall amount, it l contributes significantly to enhancing the commitment rate of the National Indicative Programme from 4 percent at the end of 2016 to 63 per cent as at October 2017.
This shows a significant progress in the mid-term implementation of the 2014-2020 cooperation programme according to Louis Paul Motaze. e government has therefore taken note of the challenges to face relating to the conditions for the disbursement of fixed and variable instalments which require more synergised actions from different sectorial ministries. While extending the gratitude of the Head of State and the people of Cameroon to European Union, the Economy Minister reaffirmed Cameroon’ commitment to conduct with efficiency and professionalism the sector reform contract whose success constitute a guarantee for a second contract relating to the operationalisation of the National Indicative Programme of the 11th EDF.