3 July 2017

Rwanda, Congo Sign Finance Cooperation Deal

Rwanda and Congo Brazzaville yesterday signed an agreement establishing a framework under which the two countries can cooperate in various areas of interest.

The areas include statistics, planning, investment, public financial management, budget process, and taxation.

The Minister for Finance and Economic Planning, Amb. Claver Gatete, said the agreement will facilitate collaboration in entire planning and finance process.

"We have to cooperate in the entire planning and finance process from local government to central government, how the business of budget is done after planning so that we know how to do the allocation in line with national vision.

'From there, there is the course of implementation process and accountability together with how statistics provide evidence and information," he said.

Gatete said the cooperation also incorporates financial sector with banks, insurance, and how to deal with capital markets.

He added that the cooperation will facilitate sharing of public financial management system.

Inter-Africa partnerships

The minister said the move is in line with African Union recommendation that, as Africans reform, it is better to learn from each other instead of looking utside the continent.

"Whatever has worked in Rwanda, Congo believes can also work for them. A joint technical team will be put in place to follow up on the agreement as regards what we need from them and what they need from us," Gatete said.

The Congolese minister for finance and budget, Callixte Nganongo, said the cooperation will help enhance public finance management that is favourable for commercial activities.

"Consolidation of public finance is of great consideration. We have realised revenue securitisation is highly needed and Rwanda made good progress in that area," he said.

Ingrid Olga Ebouka Babakas, the Congolese minister for planning, statistics and regional integration, said: "This step started a year ago during the meeting of AU Heads of State. Beyond the words, we have to proceed with actions."

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