DRC Govt Commits to Transparency in Management of Sino-Congolese Project Funds
The Congolese government has expressed its commitment to enhancing transparency and good governance in the management of funds associated with Sino-Congolese projects.
This announcement was made by Minister of Finance Doudou Fwamba Likunde Li-Botayi during a meeting with key players in the Congolese financial sector.
During the meeting, participants reviewed recommendations from the International Monetary Fund (IMF) aimed at improving the management of resources stemming from an amendment signed between the Democratic Republic of Congo (DRC) and a consortium of Chinese companies involved in the Sicomines project.
The Ministry of Finance noted that the IMF’s recommendations include integrating the clauses of the Sicomines amendment into the 2024 amending finance law to ensure clear visibility of revenue and expenditure related to the project.
Additionally, posting revised quarterly budget commitment plans online was suggested to enhance transparency.
A financial and governance mechanism dedicated to overseeing the Sicomines amendment resources was discussed. This mechanism is designed to ensure that funds are used effectively for projects of public interest, minimize unnecessary expenditures, and provide for regular audits.
Two options were proposed for managing the funds from Sicomines: either an interest-bearing account at the Bank for International Settlements (BIS) administered by the Central Bank of Congo (BCC) or an escrow sub-account linked to the general account of the Treasury. In either scenario, funds will be released gradually as expenses are incurred.
At the conclusion of the meeting, Minister Doudou Fwamba Likunde Li-Botayi reiterated his commitment to adhere to the IMF’s recommendations and ensure the responsible management of public resources for national development.
This meeting represents a significant step in the DRC’s efforts to combat corruption and promote more responsible public finance management, according to a communication from the Ministry of Finance’s communications unit.
Freddy Shembo Yodi, Director General of the Steering Agency for Coordination and Monitoring of Agreements Signed Between the DRC and Its Private Partners (APCSC), emphasized the importance of the IMF’s guidelines for ensuring the traceability of funds within the Sino-Congolese program.
