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Cameroon - Public Finance Management Strengthening Support Project (Pargefip) - Project Appraisal Report
Cameroon’s major challenge in public finance today is to (i) successfully mobilise more internal budgetary resources from their average level of 13% of GDP to sustainably finance its transformative infrastructure development programme which absorbs over 36% of total public expenditure and (ii) improve the quality of public expenditure linked to public investment. Government prepared a Global Public Finance Management Reform Plan (PGRGFP) to tackle these challenges. This operation will support the implementation of PGRGFP, working in tandem with other TFPs. In addition, Government embarked on a vast structural adjustment reform programme under an IMF Extended Credit Facility arrangement, targeting mostly PFM, with budget support provided by the Bank, the World Bank, the EU and AFD. PARGEFIP will support this policy reform programme to ensure the sustainable implementation of reform actions in public finance management where institutions need to be strengthened to apply to thee need of increased revenue mobilisation, the new Public Procurements Code, strengthen external audit to improve public investment quality and keep public debt under control. To consolidate the progress achieved, PARGEFIP will be implemented in synergy and complementarity with other TFPs’ interventions already underway.