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Congo-Kinshasa: Watch Your Spending Patterns - IMF
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Rwanda News Agency/Agence Rwandaise d'Information (Kigali)
29 February 2008
Posted to the web 29 February 2008
Kigali
Although growth and inflation targets were met last year, the DR Congo government missed key monetary and budgetary targets due to public spending overruns, the International Monetary Fund has reported.
Expenditure, according to the Fund, was higher than targeted because of unplanned national security spending and persistent weaknesses in public financial management.
Just recovering from years of raging conflicts in large parts of the country, the Kinshasa government has had to pour massive spending into equipping troops it even has no clear number.
The European Union has also previously expressed concern that its plan to help establish a computerized data of the army did not receive backing from the top - leaving the plan in disarray.
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"The spending overruns contributed to an 8-percent depreciation of the Congolese Franc and a 16-percent annualized inflation rate at end-January 2008", an IMF mission to the country reported this week.
The team said it assessed the likely macroeconomic and financial impact of large mining and social infrastructure projects that are currently being finalized, but some further clarifications will be needed.
In particular, the Fund says the large wage bill risks crowding out priority spending for goods and services and domestically financed investment.
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