IMF calls DR Congo to halt central bank loans
Published : Thursday, 27 February, 2020 at 4:37 PM Count : 40
Observer Online Desk
IMF calls DR Congo to halt central bank loans
IMF calls DR Congo to halt central bank loans
The International Monetary Fund (IMF) expressed concern over the Democratic Republic of Congo’s 2020 budget and urged its central bank to stop drawing down foreign currency reserves and advancing money to the government.
In late December, the IMF paid $ 368 million to the Commonwealth Democratic Republic to tackle the issue of emergency balance.
That same month, the country’s 2020 budget draft was estimated at $ 10.59 billion, equivalent to about 1 million countries, of which two-thirds live on less than $ 2 a day.
On Wednesday, IMF staff, after a fact-finding mission, issued a statement concerned with spending pressure and concerns arising from unnecessary revenue, which caused the central bank to renew its government and erode its foreign reserves.
The fund welcomed a treasury plan published by the finance ministry, considering it was "consistent with realistic revenue estimates.
A ministry-issued plan on February 1 has allocated $ 1.8 billion to spend for 2020 - more than half of the original budget plan.-Internet
