The budget stands at 4,234.7 billion CFA francs (one dollar equals to around 600 CFA francs), up from 3,746.6 billion CFA francs in 2015.

budgetThe state budget will then be handed over to the Senate for adoption.

Speaking while presenting the draft to parliament, the prime minister said much of the money will be invested in key sectors including energy, infrastructure projects and mines, and creating more job opportunities so as to eliminate poverty in the country and boost its domestic economic growth rate.

He said the government is expecting the country’s economic growth rate to go up to at least 6 percent and the inflation rate to remain around 3 percent.

Cameroon is an oil producer in the Gulf of Guinea and the world’s fifth largest cocoa producer. It also acts as the Central African region’s breadbasket, supplying food to Chad, Congo-Brazzaville, Gabon and Central African Republic.

Oil sector revenue for 2016 as projected in the bill will stand at 442.2 billion CFA francs, down from 774.9 billion CFA francs in 2015 due to the drop in oil prices on the world market. Enditem

Source: Xinhua

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