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Despite the IMF program, people’s living conditions have not changed. Unemployment remains high. Drinking water and electricity remain scarce commodities. The IMF recommends advancing reforms aimed at improving governance and transparency, including in the mining sector, strengthening mechanisms to combat corruption, money laundering and terrorist financing, and improving the business environment to support private sector development.
Gaston Mutamba Lukusa
In a press release on July 3, the Executive Board of the International Monetary Fund (IMF) announced that the Democratic Republic of Congo has completed the sixth and final review of the Extended Credit Facility (ECF) agreement. It has enabled the disbursement of SDR 152.2 million (about $224.7 million) to support balance of payments needs. The total disbursement to date is SDR 1.066 billion (about $1.573 billion). This is a very good thing, even if it looks less than the funds diverted from the public treasury. Sapristi! The IMF said that GDP growth remained high thanks to the mining sector. Likewise, foreign exchange reserves have also increased. Inflation, which is currently high, is likely to decline by the end of the year. All is well, Marquise! The IMF recommends advancing reforms aimed at improving governance and transparency, including in the mining sector, strengthening mechanisms to combat corruption, money laundering and terrorist financing, and improving the business environment to support the development of the private sector. According to my friends who know what is happening in every corner of the dilapidated Kinshasa, people’s living conditions have not changed despite the IMF program.Unemployment remains high. Drinking water and electricity remain scarce commodities. Roads have broken down. Prices have risen, while the purchasing power of households has risen. As if that were not enough, the debt to the IMF has also increased. Hell and damnation! Hey, Lenin said that the capitalists will sell us the rope with which we hang them. This does not explain it. Adjustment programs have been developed for years to correct imbalances in the balance of payments, stabilize the exchange rate and fight inflation. Our country is coveted by all neighbors and China and was even able to benefit from the rescheduling of foreign debts. However, these programs were never completed. They were interrupted due to non-compliance with performance standards. There is no political will to implement reforms. In addition, the Democratic Republic of the Congo is often ranked among the worst governed countries in the world. Budgetary discipline, transparency in the management of state affairs and the implementation of austerity measures are not taken seriously by the leaders because they are not in the interests of the moment. Marshal Mobutu once lamented when cutting budget allocations: “We cannot tolerate harshness”. These programs also do not have popular support. Just as they were rejected by politicians, they were also rejected by civil society. And The slightest conflictthese are riots like the one currently in Kenya. The IMF is accused of violating national sovereignty, promoting austerity and abandoning social spending. Stupefaction and trembling! According to my crazy friend, the IMF has never developed a country. The World Bank is the wife of the IMF. They conspire together. Sapelipet! According to my all-knowing friend, only serious countries and honest leaders can achieve development with the help of the IMF and the World Bank. These two neighboring institutions are located in Washington, DC. You must be a member of the IMF to join the World Bank. Both parties inform each other of activities and programs. They also hold joint annual meetings. We say that when a goat disappears, the smell of the neighbor’s sauce becomes suspicious.
General ML
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