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DRC: foreign exchange reserves increase by 25% between the end of January and 6 May 2019

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International reserves increased by 25.39% ($ 228.8 million) between January 31 and May 6, 2019. They increased from $ 901.2 million to $ 1.13 billion over the period indicated. This is apparent from the analysis of the figures released by the Monetary Policy Committee which held its fourth regular meeting on 16 May 2019 at the Central Bank of Congo.
Indeed, the official communiqué issued after this meeting says that foreign exchange reserves exceeded the $ 1.1 billion mark at the end of April 2019 and amount to 1.13 billion US dollars as of May 6, 2019 This level corresponds to 4 weeks and 3 days of importing goods and services from the State’s own resources.

DRC: foreign exchange reserves increase by 25% between the end of January and 6 May 2019 2
This upward trend in foreign exchange reserves demonstrates an encouraging performance in capturing foreign exchange for the export of goods, particularly natural resources, including mining products.

But for economists, this level of DRC’s international reserves still remains well below that demanded by the International Monetary Fund (IMF) standard, which is at least three months of import, or 12 weeks.

In order to comply with this requirement, President Félix Antoine Tshisekedi and his future government should roll up their sleeves to meet the challenge of exceeding US $ 4.52 billion in international reserves.

As a reminder, foreign exchange reserves were valued at $ 901.2 million at the end of March 2019, while they stood at $ 969.91 million as at February 28 of the same year, corresponding respectively to 3 weeks of imports. goods and services from the government’s own resources.

By definition, foreign exchange reserves are holdings of foreign currency and gold held by a central bank. They generally take the form of bonds and bonds of the Treasury of foreign states, which allows these reserves to earn interest. They are used by the monetary authorities to regulate exchange rates.

In the DRC, history tells us that these reserves have really served their usefulness at critical moments. So many governments have resorted to them to finance in particular certain State expenditures that hurt the country’s economy.

Eric TSHIKUMA

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Dikembe Mutombo, NBA legend, passes away at age 58

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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.

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World: 83% of the non-electrified population live in Africa

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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

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DRC: Egyptian Ambassador Hesham El Mekwad pays a courtesy visit to ANAPI

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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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