Yaounde, Cameroon played host on March 28th, 2023, to a one-day national forum to finance the implementation of the National Development Strategy, NDS 30.
The government of Cameroon in collaboration with the United Nations Development Programme, UNDP, country office organized on Tuesday, 28th March 2023 in Yaounde, a forum on financing for inclusive and sustainable socio-economic development for actors to adopt measures and initiatives that will help to finalize and ensure effective implementation of the integrated national financing strategy of the National Development Strategy, NDS30.
The forum which enters within the framework of the project dubbed: “Joint SDG Fund Cameroon” was placed under the theme: “financing for inclusive and sustainable socio-economic development”.
The main objective of this forum initiated by the government and the United Nations was to obtain a consensus on ways and means for adequate financing of structural transformation and inclusive and sustainable development.
During exchanges, it was disclosed that government has to tap about FCFA 88.000 Billion to respond to different needs and besides setting up alternative measures that will be used.
Chaired by Minister of economy, planning, and regional development, Alamine Ousmane Mey alongside Finance Minister, Louis Paul Motaze and Mr. Matthias Naab, Resident Coordinator of the United Nations in Cameroon, the forum gathered various stakeholders from the public and private sectors as well as civil society actors.
Speaking on behalf of United Nations Resident Coordinator, Mr. Alassane Ba, acting Resident Representative of the United Nations Development Programme, UNDP said the UN’s presence at the forum is justified by the fact that the organization stands beside the government for the full implementation of sustainable development goals but most importantly for boosting her in the mobilization of resources for the NDS30.
“Our role is to fully support the government in achieving the targets of the National Development Strategy.” He said.
Mr. Ba Alassane in his keynote address acknowledged the fact that the challenges are huge, yet could be addressed if all hands are on deck.
He pointed- out that, Cameroon has the means to mobilize the necessary financing to accelerate its development.
“According to existing reports, the possibilities of mobilizing sufficient resources for public and private projects exist at the national and global levels. There is no shortage of capital. Unfortunately, the current global and/or national financial system does not transfer the important potential amounts towards investments for sustainable development and the achievement of the SDGs in certain areas such as access to water or electricity for all. For example, it appears that only 3% of the largest pension funds are invested in development infrastructure, and the figures are even more insignificant in developing countries. Redirecting even a small fraction of these funds could accelerate sustainable development. To this end, governments and all stakeholders have a role to play in creating the incentives and driving the mechanisms and frameworks to do so.” Mr. Alassane Ba indicated.
Minister Alamine Ousmane Mey who equally doubles as president of the steering committee said in a bid to attain the expected 8% growth rate from 2020 to 2030 and to monitor projects estimated to be over FCFA 37.500 Billion in Cameroon, the forum paves the way to frank discussions on operational strategies.
Minister Alamine Ousmane Mey indicated that: “The allocation of resources obtained should be targeted towards achieving sustainable development goals.”
In his opening speech, the Minister also outlined that, these discussions are also geared towards actioning different strategies that will help Cameroon in the upcoming high-level meetings where the country will take part in April and September 2023 in New York, United States.
“Proposals made at this national forum will set the pace for the participation of Cameroon in two major international events.”
It is worthy to note that the forum was initiated by UNDP Cameroon, the ministry of economy, planning and regional development, MINEPAT, the ministry of finance, MINFI with support from the UN Resident Coordination office and the ministry of external relations,MINREX.