DRC Tackles Mining and Oil Sector Fraud to Boost Public Revenue
In the Democratic Republic of Congo (DRC), the mining and oil sector continues to grapple with widespread fraud, undermining the country’s economic development.
On Thursday, July 17, 2024, Prime Minister Judith Suminwa Tuluka chaired a meeting of the Economic Situation Committee. Following the session, Daniel Mukolo Samba, Minister of National Economy, announced that measures are being considered to enhance public revenue.
The committee identified fraud as a significant issue, involving the undervaluation of both mining and petroleum products leaving the country.
“We are considering measures to address these fraudulent practices with the goal of increasing public revenues,” Samba reported.
In addition to tackling fraud, the Economic Situation Committee has adopted several other measures, including “rationalizing and regulating public expenditure, enforcing budgetary discipline, implementing targeted interventions by the Central Bank of Congo (BCC) on the foreign exchange market, and reviving strategic projects such as PDL-145 Territories.”
The DRC has lost over US$1 billion in potential mining revenue due to fraudulent activities.
