The IMF has completed the annual evaluations and review of the Extended Credit Facility, a facility of the International Monetary Fund that provides financial support to countries that have long-term difficulties in paying their debts. The department is generally satisfied and approves an additional payment of $ 203 million. This is the third disbursement of funds for the Central Bank of Congo (BCC). The goal is to strengthen the level of the country’s financial reserve and contribute to monetary stability. However, the IMF draws the government’s attention to certain points.
as reported from Kinshasa, Patient Ligodi
The IMF also welcomes other progress made, including the appointment of judges to the Court of Auditors, the supreme body of public finance control, which has long been sluggish.
Although the IMF is generally satisfied, the financial institution notes some persistent weaknesses, especially in the banking sector.
For example, the foreign currency generated by the improvement in the prices of mining products has not yet translated into a significant increase in credit in favor of the private sector. In question, the fragility of the banking sector or even regulatory problems.
In another chapter, the IMF calls on the government to further modernize financial management and improve the tax base so as not to always be dependent on fluctuations in the price of metals and other precious materials.
Another point, the IMF is still waiting for the publication of Memorandum of Understanding signed in February between the Congolese government and the Israeli businessman Dan Gertler’s Fleurette Group. This agreement, the outline of which is considered vague by civil society, allows, according to the Congolese authorities, the government to recover $ 2 billion worth of mining and oil resources.
On the government side, it is explained that the conditions have not yet been met for disclosing the content of this memorandum of understanding.