Page 187 - Atouts-Cameroun-2017
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That is why, in keeping with the Head of State’s vision, the Government is going to launch a second generation of Major Works Programme, which should take over from the one near completion.This includes the construction of railway lines in accordance with the approved 2011 master plan of national railway; the construction of a third bridge over the River Wouri and the Port in Limbe, not to mention the densification of the opti- cal fibre throughout the national territory.This commitment is all the more acute in that the hardships Cameroonian economy has to face in the coming years are the hardest it has had to experience since 2010, especially with the advent of the EPA and of other ever-growing threats like smuggling that destroys whole sec- tions of the economy and the influx of refugees, particularly in the East Region.The Government therefore intends, through the implementation of a 2nd generation Programme of major works, to continue the trend begun in the first five years of the implementation of the GESP, on the one hand, and on the other hand, to create sustainable conditions to a favourable environment for the development of the private sector, the main creator of wealth. This involves a policy mix that acts on investment demand to remove or reduce strictness, and free offer. This renewed proactive economical approach on the second generation of major projects combined with an active policy of direct support to the private sector which, while intensifying by a better targeting of “national cham- pions”, could stimulate production in the short-term, prompting aggregate demand; and in the long- term, by increasing the productive capacity of the economy. Provided that additional public invest- ment in infrastructures gives an impetus to GDP tocompensate the increase of debt, in such a way that the public debt / GDP ratio stagnates, when we refer to the IMF’s demonstration (2014).Economic stimulation through investment demand that falls within the continuity of the implementation of the GESP, would involve the implementation of a second generation of major investment projects, putting the private sector at the heart of their imple- mentation. Focus will therefore be on productive investments with sustained support of the authorities, so that private investment should become a relay for public investment on the horizon of the implementa- tion of our strategy. This orientation will contribute to the emergence or consolidation of “national cham- pions” in the promising sectors of Cameroonian economy (agribusiness, digital technology, energy ...) in the prospects of an industrialization process supported by the private sector. The Ministry of Economy, Planning and Regional Development (MINEPAT) has already opened discussions with GICAM to develop this approach built on the “cap- tains of industries”; a voluntarist approach that will require direct support for some industries previously selected on the basis of objective criteria.Beyond the lever that represents the public invest- ment budget (PIB), the strategy in future will consist in mobilizing traditional partners for more substantial support to the private sector, benefi- ting from State guarantee.The financing margins of this voluntarist option built on the 2nd generation of major projects exist, both internally, with a good performance in terms of inter- nal resource mobilization, and externally, given the level of debt of which public debt outstanding and publicly guaranteed debt represent only 27.3% of GDP at the end of July 2016, that is to say, quite far from the Community standard of 70% nThe ceremony for laying the foundation stone of the cocoa processing factory in KekemLES ATOUTS ECONOMIQUES DU CAMEROUN187

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