KINSHASA: The IMF voiced concern Wednesday over DR Congo´s 2020 budget and urged its central bank to stop drawing down foreign currency reserves and advancing money to the government.
In late December, the International Monetary Fund granted $368 million in credit to the Democratic Republic of Congo to deal with urgent balance-of-payments problems. That same month, the country´s draft 2020 budget was estimated to be the equivalent of $10.59 billion, for a nation of around 80 million, of whom two-thirds live on less than $2 per day.
On Wednesday, IMF staff, after a fact-finding mission, issued a statement expressing "concerns arising from spending pressures and lackluster revenue, which have resulted in renewed central bank advances to the government and erosion of its foreign reserves." The "mission stressed the need to put immediately a stop to central bank advances and repay those given," it said.
The fund did welome a "Treasury Plan" published by the finance ministry, which it considered "consistent with realistic revenue projections."
Donald Trump, left, and President Joe Biden during the final presidential debate at Belmont University in Nashville,...
The Pentagon building in Arlington County, Virginia. — AFP FileWASHINGTON: The Pentagon on Thursday acknowledged in...
Representational image of flags of France and Japan. — APP FilePARIS: France and Japan agreed on Thursday to start...
Donald Trump. — AFP FileWASHINGTON: Donald Trump said he may not accept the 2024 election results in Wisconsin, a...
Britain's former Chancellor to the Exchequer Rishi Sunak reacts as he answers questions while taking part in a...