Consultation Meeting with STS Approved for the Republic of Congo
24 Oct, 2019
The consultation meeting between the Ministry of Finance and Budget, and the Specialists in Treasury Security (STS) approved for the Republic of Congo, was held on Thursday, October 24, 2019 in Brazzaville, under the patronage of Henri Loundou, representing Calixte Nganongo, Ministry of Finance and Budget.
This meeting was an opportunity for the Congolese Treasury, to solicit the involvement of Specialists in Treasury Securities (STS), in the clearance of Congo's domestic debt. The choice made on the STS, in parallel with the Agreement signed between Congo and the International Monetary Fund (IMF) for the revival of the Congolese economy, is explained by the importance of these actors, in the raising of funds within the subregional money market, according to Yoka Ikama, Head of Securities Service at the Directorate General of Treasury. In fact, within two years of existence on this market, the Treasury has been able to raise the sum of 150.112 billion FCFA in the Comparable Treasury Bill Compartment (CTB), for average interest rate weight at around 6.56 per cent as of 30 September 2019. On the other hand, the Treasury could only raise the sum of 50.91 billion FCFA in September 2018, with a weight interest rate of around 6.21 per cent.
Of the total amount mobilised in 2019, local Specialists in Treasury Security alone raised 107.25 billion FCFA, or 71.44 per cent of the overall envelope, which is well above the situation in 2018. The Treasury also raised in the portfolio of Comparable Treasury Bills (CTB), the amount of 61.5 billion FCFA as of 30 September 2019, for the account of the financing of certain projects of strategic importance.
To strengthen the action of the Specialists in Treasury security, the Treasury has submitted to their appreciation, four approaches of mobilisation of funds, among which:
