central bank reveals financial report for 2019

This is a first, the central bank of the Democratic Republic of Congo has published the audit of its annual accounts per. December 31, 2019, performed for the first time by the auditing firm Deloitte on its website. It was a demand from the IMF that demands more transparency from the country.

Not surprisingly, the general government account was in the red per. 31 December 2019. But this report reveals the existence of about thirty sub-accounts, the creditors themselves, which could have been used to compensate for this deficit, as the justified “EU budget support”. On this account sleeps more than $ 50 million. However, the last EU support goes back to 2010, and it was around this amount.

#RDC #BCC: BCC has published its financial statements for 2019 on its website, a 1. (IMF requirement). We discover all sorts of weird things like credit accounts in the general government account (in deficit): EU budget support, the Francophonie summit, Zairianized property claims pic.twitter.com/Wto6KXffNw

Sonia Rolley (@soniarolley) October 4, 2020

Most of these sub-accounts should undoubtedly have been liquidated a long time ago, as for the Francophonie summit in 2012. The Deloitte company gives no explanation for all this.

We also discover that the coin that prints Congolese banknotes but also special documents has many creditors: ministries like primary education, public funds like Industry Promotion Fund or even two of the 26 provinces in the country such as the wealthy Haut Katanga.

Debt to Burundi and Rwanda

As of December 31, 2019, the central bank also had tens of thousands of dollars in some commercial banks, just like Afriland and BGFI – quite controversial banks. However, it had to repatriate even more other banks at the request of the IMF to replenish foreign exchange reserves.

In this audit report, we also learn that the Congolese central bank is in debt to Rwanda for just over a million dollars and to Burundi for more than 4 million without knowing since when. this debt has been incurred.

This report was a request from the International Monetary Fund before negotiations began on a real assistance program. While welcoming this first step, Congolese civil society continues to believe that we are far from the promised transparency. For the former banker and whistleblower, Jean-Jacques Lumumba, there are many figures without any real explanation: “The report is not very explicit on many points, on many questions and can not explain the reasons for more variations. ”

Jean-Jacques Lumumba analyzes the financial audit report of the Central Bank of Congo

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