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36LES ATOUTS ECONOMIQUES DU CAMEROUNforeign reserves. These reserve assets are provi- ded by the sectors of oil, agriculture, logging and transport whose overall balances amounted at 948.4 billion, 656.3 billion, 226 billion and 116 9 billion respectively. On the other hand, industries (-1,591.2 billion), trade (-881.4 bil- lion), telecommunications (-168.4 billion) and financial activities (-72.3 billion) were the major draining items for these assets.The overall balance of the balance of payments recorded deficit with Nigeria (-570.7 billion), France (-195.3 billion), China (-15.5 billion), the US (-144 4 billion), but surplus with CEMAC (+744.4 billion), and the other countries (+180.4 billion).After the first half-year of 2015, the balance of settlements shows that the current account deficit amounts to 358.2 billion, driven by the balance of the services account (-344.5 billion).The deficit was financed by net FDI flows (+24 billion), government agencies net drawings (+120.1 billion) and net drawings of the non- bank private sector (+ 61.8). The overall balance is in deficit of 232.8 billion.STABILIZATION OFTHE BUSINESS ENVIRONMENTRegarding the business environment, Cameroon has improved its rank on the protection of minority investors; the country however moves10 places back in terms of ease of doing busi- ness. It comes 158th out of 189 economies rated in “Doing Business 2015”. In the 2016 ranking, with four places lost, it occupies the 162nd place out of 189. The development is attributable in particular to the loans obtained, administrative procedures imposed on economic operators considered too long, electricity connections.To improve the business environment and in accordance with the Cameroon Business Forum recommendations, several actions were taken in 2014 and the first-half year 2015. It includes, among other things:• The introduction of electronic payment at the CNPS;• The reduction of tax rate from 35% to 30%;• The implementation of the manual for the fulfill-ment of land, national and cadastral procedures;• The signing of a joint order MINJUSTICE/MIN- COM setting to 42 the number of magazines and dailies entitled to carry legal and judicial announcements;• The introduction "MOBILE TAX" system for the simplification of tax payment (an agreement signed between the Ministry of Finance (MINFI) and MTN and Orange companies);• The removal of the 10% deposit required rela- tive to tax litigation.The service sector grew by 5.6% in 2015, thanks to the dynamism of the communications sector


































































































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