DRC: IMF calls for BBC reforms
The International Monetary Fund (IMF) said that the results of structural reforms undertaken by the Government of the Democratic Republic of Congo (DRC) have been mixed.The International Monetary Fund (IMF) said that the results of structural reforms undertaken by the Government of the Democratic Republic of Congo (DRC) have been mixed.
It has thus urged the country's authorities to reform the Central Bank of Congo (BCC) in a bid to increase its operational independence and accountability, strengthen its ability to conduct its monetary policy and to maintain price stability, as well as market confidence.
In a statement released on June 16, the institution calls on the DRC to recapitalise the BCC and adopt a bill on its statutes and banking law, and to abandon non-core activities.
The IMF also recommends strengthening the capacity of the BCC in terms of analysis, regulation and control.
The DRC government has implemented significant reforms in recent years to move away from the dollar, to develop financial markets and to improve the management of public finances.
The IMF believes that the BCC has successfully initiated the introduction of new denominations of the Congolese Franc and managed public finances reforms, with improvements in the expenditure chain and a reduction of the expenditure float.
However, it said that structural reforms aimed at increasing the independence of the BCC and improving transparency and governance of public companies in the mining sector are "far behind."