Minister Louis Paul Motaze on March 20, 2019 at the National Assembly defended Ordinance No. 2018 of December 20, 2018.
It was bill No. 1042/PJL/AN to ratify Ordinance No. 2018/4 of 20 December 2018 to amend and supplement some provisions of Law No. 2017/21 of 20 December 2017; finance law of the Republic of Cameroon for the 2018 financial year that was detailed before the Committee on Finance and the Budget of the National Assembly chaired by Hon Moutymbo Rosette Ayayi on March 20, 2019.
According to the Ordinance, it authorises the Minister of Finance to sign all documents to transfer by mutual agreement to Africa50 (a financial institution affiliated to the African Development Bank), 50 per cent of the shares held by the Republic of Cameroon in the capital of the Nachtigal Hydro Power Company.
Cameroon News Today- CNT gathered that it was on the heels to ease transfer of Cameroon’s 50 per cent of the shares; Cameroon’s portion of the capital in the Nachtigal Hydro Power Company, to Africa50 that necessitated the amendment of the 2018 financial year.
The Ordinance again is to comply with the provisions of Section 13(1) (f) of Law No. 2018/12 of 11 July 2018 relating to the fiscal regime of the State and other public entities, which specifies that the initial finance law shall include, for each year, “authorisations relating to asset disposal, State loans and cash situations”.
The ratification of the ordinance has been drafted in accordance with Section 43 of Law No. 2017/21 of December 20 2017, Cameroon News Today- CNT learned.
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