In the forward-looking report it has just presented, the World Bank highlights the country’s persistent economic difficulties. This publication comes because it suspended its budget support last week, which accounts for almost a third of the country’s budget. This is due to the lack of transparency in public finances, and also to the fact that the government is trying to get money back by playing the controversial cryptocurrency card.
“Indispensable reforms” in a country facing “an overlay of crises”. World Bank experts believe that the Central African Republic is “at a crossroads” and must fight corruption in particular to find growth.
A barely veiled reference to the current situation in the country. The institution suspended its budget support, due to a lack of transparency in public finances, in particular as regards security expenditure. This led to the government talking about a drastic reduction in the budget and making initial savings.
Cryptocurrencies To circumvent the donors, and despite CEMAC’s dissatisfaction, the authorities have chosen to play cryptocurrency cardswhich now enjoys a legal framework. According to the Africa Intelligence website, President Touadera has been in Dubai since Thursday to try to attract investors to this adventure and save the coffers.
He originally planned to start a digital currency mining company in Bangui, as the technical term implies. But the lack of reliable infrastructure, in a country where only one in ten residents has access to the internet, would have forced him to start the project in the Emirates, the specialized publication assures.
The World Bank specifies that if budget support is suspended, it will continue to implement the development projects it monitors in the country, for approximately $ 800 million.