The first preparatory visit to the International Monetary Fund (IMF) semi-annual Review in Congo has just been held in Brazzaville from September 10 to 16, 2019. “After 3 years of recession, the first signs of improvement in the Congolese economy are evident”, Alex Segura-Ubiergo, head of the IMF delegation, says.
“On 11 July 2019, two months ago, the IMF Executive Board approved the Congo Economic Programme”, Alex Segura-Ubiergo has recalled. “We came to Congo to see the state of its implementation. We discussed, for example, with the Minister of Finance and Budget, Calixte Nganongo, on growth forecast and the State budget. We looked together at the possibility of strengthening the non-oil revenue collection system, especially in order to generate budgetary resources and support the State priority expenditure.
It was a short preparation mission for the programme review mission to be held around October-November”, he said.
The IMF official believes that it is too early, after this first visit, to make an assessment of all financial indicators of the Congolese economy, because a more in-depth analysis will have to be done. “However, we see that the economic situation remains difficult, it is beginning to stabilise”, he explained.
Of course the non-oil sector remains quite weak, while the private sector needs to strengthen its dynamism. But, according to him, the first of improvement and recovery are evident. He believes that with the implementation of the Congo Economic Programme, including the plan to clear domestic arrears, and as the government begins to increase social spending, the economic situation is expected to improve.
Let's recall that the three-year Programme concluded on 11 July with the International Monetary Fund provides for semi-annual reviews. But every three or four months, the IMF delegation will visit the country for assessment. During the November 2019 mission, it will conduct an assessment with the Ministry of Finance and Budget. And, if all goes well, it will move on to a new disbursement under the Programme's Extended Credit Facility (ECF).
The Press office of the Ministry of Finance