DRC Govt encouraged to reduce economy’s dependence on mining sector
Despite the good performance achieved by the Public Treasury of the Democratic Republic of the Congo during the year 2022, placing the country above the economies of the countries of sub-Saharan Africa, the Congolese Government has been encouraged to continue tax reforms to to reduce the dependence of the national economy on the mining sector.
Reporting on the participation of the Democratic Republic of Congo in the 2023 spring meetings in Washington DC, the Minister of Finance, Nicolas Kazadi, indicated to the members of the Government Council on Friday, April 21, 2023, that the International Monetary Fund (IMF ) and the World Bank have encouraged the Congolese government to pursue investments in the infrastructure sector and reforms aimed at improving the business environment to attract more of the private sector and reduce the economy’s dependence on the mining sector.
During the work, the heads of the Bretton Woods institutions pointed out that the DRC’s economy is more resilient to shocks compared to other countries in sub-Saharan Africa.
The macroeconomic performance achieved in 2022 in terms of real GDP growth, international reserves and revenue mobilization has been praised by both the IMF and the World Bank.
With regard to the pressures on the foreign exchange market and inflation, restrictive monetary and budgetary policies were recommended to the Government with particular emphasis on the reduction of expenditure on goods and services as well as operating expenditure in favor of expenditure on ‘investment.
According to Minister Nicolas Kazadi, the Congolese delegation had a series of meetings respectively with the Development Committee of the Group of World Bank, the International Monetary Fund and, the latter, jointly with the World Bank and the International Finance Corporation.
