CREDIT COUNCIL OF CONGO- The support of development stakeholders is expected
12 juil, 2018
The press release issued following the ordinary session of the Credit Council of Congo, which took place on July 12, 2018 at the main office of the Central African States Bank (BEAC) in Brazzaville under the chairmanship of the Minister of Finance and Budget , honourable Calixte Nganongo, reports that the support of development stakeholders is expected by Congo for the debt servicing.
At the public finance level, a surplus of the budget balance is expected on a commitment basis excluding grants, averaging 5.6 % of the GDP in 2018 against a deficit of 5.7% of the GDP registered in 2017. Yet, the surplus cannot make up a sufficient financial margin for the public debt servicing, without the support of development stakeholders. It was in this context that the participants supported the efforts the Congolese government has been making since 2017 in order to meet the conditions for an economic and financial programme agreement backed by the IMF.
At the session, the Council reviewed the development of the various modes of financing of the Congolese economy. As regard the financing of banks, the Council noted that gross credits for the economy decreased by 7,4 % on a year on year basis in April 2018. As a whole, Congolese banks are making efforts to be resilient.
As it analyzed the other financing methods of the Congolese economy, the Council noted and welcomed the resumption of activities on the bank market due to the reforms of monetary policies carried out by the BEAC.
As regard microfinance, the national director of the Central African States Bank and rapporteur of the meeting, Michel Ndzombala, requested they got registered by the Central African Banking Commission, so that they could be involved in the banking system.
The CNC hailed the efforts made by the Congolese treasury to increase its activities on the regional market gilt stocks via open subscription. He urged economic operators, particularly Congolese small and big businesses to take all the steps for fund raising at the Central African Stock Exchange located in Libreville (Gabon) for the funding of their investment projects and equity funding.
Lastly, The Congolese Credit Council reviewed the report on the budget execution by the secretariat general of the Council for the first quarter of 2018 and noted with satisfaction budgetary allocations.
Let us remind that the governor the Central African States Bank , Abbas Mahamat Tolli, also attended the meeting .
