breaking news
DRC: commitments to be respected in order to reach the formal agreement with the IMF
Towards the conclusion of a formal agreement with the International Monetary Fund (IMF), DR Congo has committed itself to implementing reforms related to macroeconomic and structural policies. It will also have to define, with the IMF, the specific instruments used to monitor progress towards the objectives set. Preparations are intensifying between Kinshasa and Washington.
These issues were raised by Finance Minister Sele Yalaghuli and IMF Executive Director for Africa II Group (including DR Congo) Mohamed Lemine Raghani during a working meeting on Tuesday, October 15, 2019 in Washington DC.
“These are commitments to reforms in public finances, the financial sector, monetary policy, the business climate, governance, etc. They are quite classic and usual. I think that the Government of DR Congo is in a good position to deepen the partnership with the IMF,” Mohamed-Lemine reassured us exclusively on Top Congo FM and Zoom Eco.
IMF Conditionality Principle
It is logical that any financial support from the IMF requested by one of its member countries should be subject to conditionality. This includes a series of commitments to enable, in the specific case, the Congo to resolve its balance of payments problems without resorting to measures that would undermine national or international prosperity.
Moreover, experts from the Bretton Woods Institution explain, the agreed policies also have the advantage of safeguarding IMF resources by ensuring that DR Congo’s balance of payments is strong enough to allow it to repay the loan.
These measures to improve economic and financial governance (essential for achieving the macroeconomic objectives of the formal programme) have one ultimate goal, namely to restore balance of payments sustainability and macroeconomic stability while laying the foundations for sustainable and high quality growth and poverty reduction.
J’ai eu des échanges fructueux en marge des #IMFMeetings2019 avec l’Administrateur de la #RDC au @IMFNews, le Dr. Mohamed LEMINE RAGHANI, au sujet des perspectives de reprise de programme formel avec le #FMI. @des_rdc pic.twitter.com/NtjV4Y2nU2
— Sele Yalaghuli (@SYalaghuli) October 15, 2019
Congo DR on the right track
The IMF Executive Director for Africa Group 2 was persuasive about the procedure initiated by DR Congo, as several IMF missions were carried out to mark the ground for Article IV consultations. Their successful implementation thus strengthens the close collaboration at the technical level between the IMF and the Democratic Republic of Congo.
It is up to him to specify: “we are in a good dynamic and very optimistic about the prospect of moving forward. But also to consider a partnership, in the form of a programme, that will shape the Congolese Government’s economic and social policies.”
To be Read : DRC: Preparations for the resumption of the formal programme with the IMF are intensifying
At this stage of the preparations, every effort is being made to ensure that the socio-economic policy description of the Ilunkamba Government’s programme is included in the letter of intent, to which the memorandum of economic and financial policies will be attached.
At the same time, a series of IMF evaluations will be carried out in the Democratic Republic of Congo, the positive results of which would give credibility to the IMF’s efforts to conclude a formal agreement.
“I can’t give you a specific date. But I hope that in the near future, we will turn this partnership into a program,” Mohamed-Lemine concluded.
According to experts, the most realistic hypothesis in terms of maturity is based on a period of 6 to 9 months from January 2020.
Eric TSHIKUMA, from Washington DC
The NBA is mourning the loss of one of its greatest defensive icons. Dikembe Mutombo, the former 7-foot-2 center, passed away at the age of 58 due to a brain cancer, as reported by The Athletic on Monday, September 30.
A defensive record-holder
Born in the Democratic Republic of Congo, Mutombo left an indelible mark on the NBA with his exceptional defensive skills. During his career, he won the Defensive Player of the Year award four times (1995, 1997, 1998, 2001), a record he shares with Ben Wallace and Rudy Gobert. Gobert, in achieving this feat, highlighted the legacy Mutombo left on the game.
Drafted in 1991 by the Denver Nuggets, Mutombo went on to play for several notable teams, including the Atlanta Hawks, Philadelphia 76ers, New Jersey Nets, New York Knicks, and finally the Houston Rockets, where he retired in 2009.
A life of commitment beyond basketball
Although Mutombo never won an NBA championship, with two finals losses (in 2001 with the 76ers and 2003 with the Nets), he was inducted into the Hall of Fame in 2015. Beyond his impressive sports career, he dedicated his life to humanitarian efforts, particularly in Africa. He worked tirelessly to develop basketball across the continent and to help those in need.
NBA Commissioner Adam Silver praised his contributions in a statement: “Dikembe dedicated his life to helping others. He was not only a great player but also a global ambassador for basketball and a humanitarian. His commitment to the community, especially in his native Congo, will be forever remembered.”
Mutombo’s legacy continues to inspire generations of players and humanitarians around the world.
ZoomEco
Africa is home to 83% of the world’s non-electrified population. A thundering paradox, given the continent’s immense hydroelectric potential.
The continent faces a shortage of affordable, reliable and sustainable energy. A think tank dedicated to the development of long-term public and energy policies points out that this is holding back the momentum of individuals and companies alike.
According to the experts, the pace of electrification needs to triple in order to absorb this deficit, rethink several economic models, and put Africans on the path to prosperity.
Dynamic project vehicles on the move
The World Bank Group has pledged to connect 250 million people to electricity, while the African Development Bank (AfDB) will do the same for a further 50 million.
The World Bank Group’s investments are already providing the impetus needed to reach the target, illustrated in its ambitious “Mission 300” program.
East Africa
On Thursday September 25, 2024, Bruno Tshibangu Kabaji, Managing Director of the Agence Nationale pour la Promotion des Investissements (ANAPI), and Hesham El Mekwad, the Egyptian ambassador accredited to the Democratic Republic of Congo, exchanged views on investment and trade issues.
The Egyptian diplomat was accompanied by Adham Thabet, development cooperation advisor at the Embassy of the Arab Republic of Egypt.
Discussions between the two personalities focused in particular on the role of ANAPI as the body responsible for supporting investors in the DRC.
While stressing the need to increase economic and commercial cooperation between Egypt and the DRC, the two parties encouraged Egyptian investors to step up their presence in several fields in the DRC, notably energy, transport, infrastructure and agriculture, fisheries and livestock.
With this in mind, the Egyptian Ambassador expressed the wish to establish regular contacts with ANAPI to support this mutual ambition.
Nadine FULA
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