The IMF validates the financing program jointly established with the DRC
Congolese Finance Minister Nicolas Kazadi (right) and IMF resident representative Gabirel Leost in Kinshasa on July 19, 2021. © Sonia Rolley / RFI
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3 min
In the DRC, the Minister of Finance and the resident representative of the International Monetary Fund met on Monday, July 19.
The opportunity for Gabriel Leost to officially inform Nicolas Kazadi of the decision of the Board of Directors of the IMF to validate a jointly established program.
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With our special correspondent in Kinshasa,
Sonia Rolley
This IMF financing program for the Democratic Republic of the Congo should allow, in exchange for reform and the maintenance of certain indicators, the disbursement of $ 1.5 billion over three years.
At the end of this meeting, the two men took the opportunity to answer a few questions from the press.
The Minister of Finance, Nicolas Kazadi, insisted on the interest of this program with the IMF.
“A
lot of people wonder
if the program will solve all of our problems
. No, the program will pave the way for us to solve all our problems,
detailed the minister.
The program with the IMF is important because it allows us to attest to the progress that we are making. But what is important is that the program concluded with the IMF is not the IMF program, but it is our program that we want to have the IMF validated. We have a program that we have set since 2019 and when you look at all the objectives that we have set: whether it is the increase in revenues, the consolidation of taxation, the improvement of the transparency of the mining sector ... These are our own objectives
”.
“
I would even go further,
continued Nicolas Kazadi.
I don't remember a single government that has decided on different goals, at least in the last decade. Now, in practice, it has to be successful and the first courage is to say,
"come on, you IMF, we take you as a witness to see how we are making our progress and we ask you to come and assist us on the technical plan so that we can do it in the best possible conditions ".
This is the program with the IMF
”.
The Minister also took the opportunity to detail some of the objectives of this program.
The DRC has pledged to double its foreign exchange reserves in three years and to contain inflation at 6%.
The IMF representative reminded him that IMF loans were currently at a zero rate, so they were very advantageous for the DRC.
#RDC #FMI: the representative of the IMF says that the quantitative objectives can be rediscussed to take into account the evolution of the world economy with the Covid.
If the situation worsens or improves, this will be discussed again during periodic reviews.
- Sonia Rolley (@soniarolley) July 19, 2021
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