The Congolese Minister of Finance, Budget, and Public Portfolio, Christian Yoka, chaired the first-ever meeting of the Permanent Consultation Framework between the State and Primary Dealers (SVT) of the Republic of Congo on Tuesday, July 8, 2025, in Douala, Cameroon.

This meeting reflected the Congolese Government's commitment to strengthening the transparency, efficiency, and coordination of interventions in the Republic of Congo's Treasury securities market through structured, regular, and constructive dialogue with the key stakeholders in the financial ecosystem.

Renewed and Structured Market Governance

Established by Order No. 1493/MFBPP-CAB of June 13, 2025, this formal consultation framework is intended to meet at least once per quarter. It constitutes a strategic tool for exchange, enhanced coordination, and joint evaluation of implemented policies and instruments, directly linked to the objectives of optimizing the government securities issuance strategy and boosting the secondary market, through more active and qualitative involvement of Primary Dealers (SVT).

The meeting of July 8, 2025, marked the official launch of this national dialogue mechanism between the Congolese Treasury and its network of approved financial partners, in a spirit of accountability, anticipation, and co-construction. Consultation on Debt Financing and Sustainability Challenges

In accordance with the regulatory framework, the discussions focused not only on an analysis of the macroeconomic and market conditions, but also on strategic issues of high importance for the development of an efficient and credible market.

The work was structured around five major areas, namely:

1. analysis of the national macroeconomic situation and short- and medium-term budgetary outlook, to situate the government's actions in a changing regional and global context;
2. an assessment of the Treasury securities market, including an in-depth analysis of recent trends, subscription behavior, and investor expectations;
3. measures envisaged to strengthen the government's solvency, in order to maintain the confidence of market participants and ensure the sustainability of public debt;
4. a forward-looking analysis of key macroeconomic indicators, with a view to anticipating future repayment capacity and adjusting financing needs;
5. and the Market's proactive debt management strategy, aimed at improving the repayment profile, controlling refinancing risks, and optimizing the overall cost of public debt.

A Clear Diagnosis, a Firm Commitment, and Shared Perspectives

In his opening address, Minister Christian Yoka first commended the mobilization of primary dealers and their continued commitment to the government in mobilizing public resources. He then presented an updated analysis of the international and national macroeconomic context, emphasizing the opportunities to be seized and the risks to be contained in a changing regional financial environment in Central Africa.

The discussions provided a comprehensive overview of the Treasury securities market, while also highlighting the challenges it faces. These challenges include low primary dealer participation in issuance operations, reflecting uneven mobilization of the authorized network; insufficient subscription levels, putting pressure on short-term financing needs; An increased and unjustified perception of sovereign risk, leading some investors to demand a high risk premium, including for the shortest maturities; and a deterioration in Congo's creditworthiness in the markets, limiting the attractiveness of government securities as collateral and increasing the overall cost of debt.

Towards Strengthened Coordination and Shared Commitments

The discussions helped harmonize the level of information among all stakeholders, fostering a better mutual understanding of each other's constraints and expectations.

At the end of the discussions, the participants committed to reorganizing certain market practices, with a view to promoting a gradual return to normal and sustainable financing conditions for the Congolese state in the government securities market.

The Communication Unit of the Ministry of Finance, Budget and Public Portfolio