DR Congo successfully concluded the latest program review with the IMF

2024-07-06 19:20:43

The living conditions of the population have not changed despite the IMF program. Unemployment is at an all-time high. Drinking water and electricity are rare commodities. The IMF recommends that reforms aimed at improving governance and transparency be promoted, including in the mining sector, strengthening mechanisms to combat corruption and money laundering and the financing of terrorism, and improving the business environment, to support the development of the private sector.

Gaston Mutamba Lucas

In a press release dated July 3, the Executive Board of the IMF (International Monetary Fund) urbi et orbi announced that DR Congo has completed the sixth and final review of the Extended Credit Facility (ECF) agreement . It enabled the disbursement of 152.2 million SDR (about $224.7 million) to support balance of payments needs. Total disbursements to date amount to 1.066 billion SDR (approximately $1.573 billion). This is a very good thing even if it appears to be less than the sums diverted from the Public Fund. Sapristi!

The IMF says the GDP growth rate remains high thanks to mining. Likewise, foreign exchange reserves have increased. Inflation, which is currently high, could decrease at the end of the year. Everything is very well, Madam Marquise! The IMF recommends that reforms aimed at improving governance and transparency be promoted, including in the mining sector, strengthening mechanisms to combat corruption and money laundering and the financing of terrorism, and improving the business environment, to support the development of the private sector. According to my friend who knows what is happening in every nook and cranny of decrepit Kinshasa, the living conditions of the population have not changed despite the IMF program. Unemployment is at an all-time high. Drinking water and electricity are rare commodities. The roads are broken. Prices take the elevator and the purchasing power of households takes the stairs.

And as if that were not enough, the debt to the IMF has increased. Hell and damnation! Hey, Lenin said that the capitalists will sell us the rope by which we hang them. This does not explain, adjustment programs have been carried out over the years to correct imbalances in the balance of payments, stabilize the exchange rate and fight inflation. Our country, respected by all the neighboring states and China, was even able to benefit from the rescheduling of its external debt. However, these programs were never completed. They were interrupted for not meeting the performance criteria. There was no political will to impose reforms. In addition, DR Congo is regularly ranked among the worst governed in the world. Leaders rarely consider budgetary control, transparency in the management of state affairs and the implementation of austerity measures, because they do not meet immediate interests. This is what Marshal Mobutu claimed: “we don’t eat hard” when it came to reducing its budgetary allocation.

These programs do not enjoy popular support either. As much as politicians reject them, civil society also rejects them. And at the slightest hint, there are riots like in Kenya right now. The IMF has been accused of violating national sovereignty, advocating austerity and abandoning social spending. Stupor and tremors! According to my crazy friend, the IMF never developed a country. The World Bank is the wife of the IMF. They plot together. Saperlipopette! According to my friend who knows everything, only serious countries with honest leaders have succeeded in developing thanks to the IMF and the World Bank. Both of these neighboring institutions are located in Washington DC. You must be a member of the IMF to join the World Bank. Each informs the other about activities and programs. They also have annual gatherings.

We say that when a goat disappears, the smell of a neighbor’s sauce becomes suspicious.