Organization for Economic Co-operation and Development, 2005, “OECD Guidelines on Corporate Governance of State-Owned Enterprises.” OECD Publishing, Paris.
Organization for Economic Co-operation and Development, 2015, “State-Owned Enterprises in the Development Process.” OECD Publishing, Paris.
Prepared by Toomas Orav.
The list excludes the National Investment Corporation (Société Nationale d’Investissements), a fully state-owned holding company whose portfolio includes several large public enterprises, and the national oil and gas company (Société Nationale des Hydrocarbures), which finances and manages hydrocarbon exploration and production in partnership with various international companies.
The Cameroon Development Corporation (CDC) is an agricultural-industrial enterprise which acquires, develops, and operates extensive plantations of tropical cash crops.
The value added created by SOEs is calculated as the total value of production less intermediate consumption of goods and services.
The net fiscal transfer is defined as subsidies less taxes and dividends paid. Calculating the net fiscal burden would require fuller data on SOE tax arrears owed to the state and the government’s payment arrears to SOEs, as well as data on SOEs access to subsidized interest rates or rent-free property.
Gross operating surplus is calculated as value added less payroll.
The Ministry of Finance’s definition of contingent liabilities focuses on high-risk liabilities, including companies already experiencing payment difficulties with government-guaranteed loans and government on-lending, and arrears to suppliers.
Based on Ministry of Finance reports on public sector contingent liabilities, the bulk of liabilities relate to the 17 SOEs under review.
In 2011, a presidential decree increased the ceiling on an exceptional basis in conjunction with international financial institutions participating in the financing of gas and thermal power plants.
International Monetary Fund, 2000, “Equity and Efficiency in the Reform of Price Subsidies—A Guide for Policymakers,” Washington, DC .
International Monetary Fund, 2012, “Automatic Fuel Pricing Mechanisms with Price Smoothing: Design, Implementation, and Fiscal Implications,” Washington, DC .
International Energy Agency, 2015, “Oil demand by product for non-OECD countries”, IEA World Energy Statistics and Balances (database).
Prepared by Guy Jenkinson.
IMF 2015 puts the magnitude of subsidies for fossil fuel energy at US$5.3 trillion worldwide in 2015, including direct fiscal costs and implicit subsidies from the failure to charge for environmental damages or tax energy at the same rate as other consumption products.
This note focuses on the distribution on refined fuel oils that are produced by SONARA or are imported by distributors. For the sake of simplicity, and given the low volumes of kerosene and cooking gas consumed, as well as the social considerations related to these two fuels, the analysis in this note deals only with the distribution of “super”-grade gasoline and diesel. Kerosene and cooking gas subsidies could amount to up to CFAF 50 billion in 2015.
The Oil Code (Loi 99/013) was adopted in 1999.
Transport costs are based on a formula using the three-month moving average of market quotations for shipment fees between Europe and West Africa.
The reference price is based on market quotations in Europe and does not include transport costs.
Other countries have recently followed this approach. India cut diesel subsidies in 2014. More recently, in January 2015, Morocco increased the pump price to eliminate diesel subsidy.
Staff estimates that restoring the TSPP at its pre-July 2014 level at the present juncture would result in only a marginal increase in the pump rice for gasoline and no increase for diesel.