In view of the resumption of the formal programme with the International Monetary Fund (IMF), DR Congo is facing two types of evaluations, one of which is related to the safeguarding of the Central Bank of Congo (BCC).

Indeed, this is a due diligence investigation to be carried out on the governance system of the State’s financial institution. Objective: to ensure that CCB, by receiving IMF resources, is able to manage these funds and provide reliable financial information.

To carry out this evaluation, experts from the IMF’s Finance Department, expected in Kinshasa in the first half of November (6-11 November), will focus on the effectiveness of CCB governance in five areas. Governor Deogracias Mutombo Mwana Nyembo set sail on the five components of this assessment.

1. External audit mechanism. This is the first part of the evaluation that will involve the CCB issuing financial statements certified by an independent auditor in accordance with international standards.

It will cover the selection process and rotation of audit firms, compliance with international standards and determine whether audited financial statements are published.

2. Legal structure and autonomy. This aspect of the diagnosis will allow IMF experts to review laws and regulations that affect CCB-related autonomy, transparency and governance, as well as practices in this area.

In other words, it will be a matter for the IMF to ensure that government intervention cannot in any way restrict CCB’s autonomy and increase the risks to which its operations are exposed.

3. Financial information. This step of the assessment will have to determine whether the accounting systems provide reliable and timely information.

According to the IMF, it will also address the consistency between published financial information and central bank monetary statistics from the accounting system.

4. Internal audit mechanism. Through this component, the IMF will be able to measure the effectiveness of the internal audit function and assess whether it has sufficient human resources and institutional independence to carry out its mission.

This assessment will also review the compliance of the internal audit function with international standards. The internal audit function will help the CCB to assess risk management, control and governance practices and improve their effectiveness.

5. Internal control system. This level of assessment is intended to determine the quality of internal and external audit oversight and control systems for CCB’s banking, accounting, monetary and foreign exchange operations.

It is also at this stage that special attention will be paid by the experts to the management of reserves and the monitoring of data reported to the IMF.

#RDC Le gouverneur Deogracias Mutombo affirme que son équipe est prête à recevoir la mission du @FMIactualites sur l'ÉVALUATION de SAUVEGARDE de la Banque centrale du #Congo. «Ce sont des diligences que nous accomplissons depuis des années», a-t-il précisé à @LFUTCFM & @Zoom_eco pic.twitter.com/X72Yoa6WEp

— Zoom Eco (@Zoom_eco) October 17, 2019

Faced with these different aspects of evaluation, the Governor of the Central Bank of Congo, Deogracias Mutombo Mwana Nyembo, claims to have indicated to the IMF that his institution’s interest in starting its mission quickly. Because all the governance aspects to be assessed are in order.

« These governance aspects are already in place at the Central Bank. I told the IMF expert who will be the head of the mission to send us the terms of reference as early as next week because we are in a hurry, » Zoom Eco and Top Congo were told.

It was at the end of the Technical Meeting, to which he led the experts from DR Congo, for exchanges with the Head of Mission of the IMF’s Africa Department.

Eric TSHIKUMA, from Washington DC