breaking news
DRC: State seeks budget support from World Bank
It’s formal. The Congolese national executive has recently requested budget support from the World Bank. Following his request, we learn from official sources, a team of experts is expected in Kinshasa in the next hours for technical discussions.
If the height of this requested budget support has not been revealed, the Minister of Finance, Henri Yav Mulang, told the President of the African Development Bank (ADB), during the meeting with the private sector in Kinshasa, that the DRC is determined to capitalize on the political gains and economic achievements of recent years.
For the National Executive, this initiative aims to stimulate, with the assistance of bilateral and multilateral partners, a sustainable revival of the Congolese economy.
AfDB supports budget support
“After the efforts to finance, alone, without external support, the electoral process, our country needs a breath of fresh air to enable it to meet the many expectations of the population. We take this opportunity to announce to you, Mr. President, that we are going to do the same in the direction of the ADB, while also asking you for budget support. We are already saying thank you for your personal attention”, said the Minister of Finance.
Faced with this request, President Akinwumi Adesina, responding to a question from Zoom Eco, reassured that the African Development Bank (AfDB) will consider its budget support in collaboration with the Bretton Woods institutions with whom the DRC works and that the Discussions are in the right direction.
La @AfDB_Group pourrait consentir à un appui budgétaire en faveur de la #RDC, d'après @akin_adesina | @Presidence_RDC pic.twitter.com/cz2iGgYCzS
— Eric Tshikuma (@erictshikuma) June 20, 2019
Of course, the preliminary findings of the IMF’s recent Article IV DRC engagement were conclusive. Once adopted by the Fund’s Board of Directors, this will undoubtedly pave the way for negotiations for a formal program with the IMF.
Budget support history
In June 2017, the Congolese government, under the mandate of Joseph Kabila, had requested budget support in a context of crisis to enable it to cope with the current economic difficulties caused by the collapse of commodity prices in the global market. It is an end of receivability that had been reserved for the DRC by the IMF. The general director, Christine Lagarde conditioned this support by the political stability.
A year earlier, in 2016, the ADB had also refused the budget support requested by Augustin Matata Ponyo, then Prime Minister. Very clearly, she said she was unable to provide this budget support to the Congolese government as long as Congo’s immediate political future remained uncertain in the face of strong political tensions in the pre-election period, which darkened the near future and respond positively to the DRC’s appeal for appropriate assistance.
RE (READ) : foreign exchange reserves increase by 25% between the end of January and 6 May 2019
However, the AfDB had reaffirmed its readiness to continue to allocate funds to infrastructure, agriculture and regional integration projects.
As a reminder, the last budget support obtained by the DRC goes back to December 2009. Under the Prime Minister’s mandate, Adolphe Muzito, the IMF’s Executive Board approved the three-year agreement under the Poverty Reduction Facility. for growth (PRGF) in favor of the DRC, amounting to approximately US $ 560 million. And a formal program had been concluded over three years. This breath of fresh air had arrived after six years of long journeys.
Eric TSHIKUMA
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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