Following utmost instructions from the President of the Republic of Cameroon, the Minister of the Economy, Planning and Regional Development (MINEPAT), Alamine Ousmane Mey, signed, by exchange of letters with the African Development Fund (ADF) on 6 June 2023, a loan agreement to fund the Public Finance Governance Support Project (PAGFIP).

Through this funding agreement amounting to 11,600,000 Units of Account, or approximately CFAF 9,545,408,000, supplemented by an ADF grant amounting to 820,000 Units of Account, or approximately CFAF 674,761. 600 to fund the Public Finance Governance Support Project (PAGFIP), the African Development Bank (AfDB) Group has once again demonstrated its willingness to contribute to the implementation of the National Development Strategy 2020 – 2030 (NDS 30).

With an intended 4 years terms (2023 – 2026), PAGFIP aims to contribute to strengthening the institutional and organisational environment for public finance management, by increasing the mobilisation of tax revenues and promoting public expenditure efficiency. Specifically, it aims to improve the mobilisation and security of tax revenues, limit budgetary risks through the control and mastery of budget execution, systematise internal and external auditing and verification practices, and prevent corruption and illicit financial flows.

On behalf of the Head of State, the Government and Cameroonians, the Minister of the Economy, Planning and Regional Development expressed his gratitude to the African Development Bank Group for its consistent and diversified support to Cameroon’s development efforts.