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The DRC is trying to improve its relations with various international financial partners such as the IMF, the World Bank and the African Development Bank. Particular emphasis is placed on the IMF, which particularly insists on cleaning up the Congolese banking system. This is part of the commitments made by the DRC at the conclusion last year of the new three-year program with the IMF. Kinshasa has scored a few points, but much remains to be done.
With our correspondent in Kinshasa, Patient Ligodi
Overall, the IMF is satisfied with the progress made as part of the reforms of the Central Bank of Congo (BCC). First of all, there is this memorandum of understanding signed between the government and the BCC which allows the regularization of all the financial advances received by the government until the end of the first half of the year 2020. Clearly, it is a writing game that recognizes all these advances and provides a medium-term clearance plan.
The other expected reform, which has already been effective since the beginning of the year, concerns commercial banks. They can now constitute the mandatory reserve in dollars for part of their deposits at the BCC. This reform was particularly suggested by the banks and might free up more resources for the private sector.
In terms of the legal framework, the donors and other partners of the DRC are attentive to the fate of the new law on commercial banks and the anti-money laundering law, the examination and vote of which may take place during the parliamentary session which will be open on March 15.
There are still many areas to work on, such as the establishment of an audit committee and also mechanisms that will allow fluid exchanges between the Central Bank and the ministries of finance and budget on cash management.
All these questions will be assessed at the end of April and the beginning of May during the second review of the program signed between the IMF and the government.
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