Louis-Paul Motaze, Minister of Finance of Cameroon, spoke at the meetings of the International Monetary Fund (IMF) and the World Bank in Marrakech, defending the record of the Cameroonian government’s economic policy. He stressed that it is necessary to maintain, or even increase, the tax pressure to ensure the economic stability of the country.
During these assemblies, the question of the reallocation of special drawing rights (SDR) from rich countries was discussed. G20 countries had previously made the decision to allocate special drawing rights to help countries cope with global economic shocks. However, the implementation of this decision remains complex. Louis-Paul Motaze expressed his demand to quickly reallocate funds to developing countries, whether directly or through development banks.
Concerning Cameroon’s economic policy, the IMF described the results as “mixed”. To respond to these criticisms and keep the commitments made to the IMF, the Cameroonian government plans to accelerate structural reforms in order to stimulate economic growth. However, Louis-Paul Motaze stressed that the current global context, marked by a series of crises and shocks, has had an impact on the country’s economic results.
Some Cameroonian economic actors have expressed their dissatisfaction with the fiscal pressure exerted by the government. However, the Minister of Finance indicated that the government’s policy is to increase the tax pressure by broadening the tax base. He clarified that the goal is not to make existing taxpayers pay more, but to integrate more individuals and businesses into the tax system. The aim is to discover new sources of tax revenue by identifying legal or natural persons who were until now exempt from paying taxes.
Some voices fear that this increase in tax pressure will discourage the formal sector of the economy and encourage the development of the informal sector. However, Louis-Paul Motaze assured that the desire to broaden the tax base aims precisely to tax operations carried out in the informal sector, in order to guarantee better tax fairness and to fight against tax evasion.
In conclusion, Louis-Paul Motaze wishes to maintain increased fiscal pressure to ensure the economic stability of Cameroon, while highlighting the challenges posed by the current global context.