Kinshasa press review of Monday July 24, 2023
The macro-economic situation in the Democratic Republic of Congo made headlines in the newspapers published this Monday in Kinshasa, with a particular focus on the exchange rate of the Congolese franc.
The newspaper Forum des AS displays on its front page the catchy headline: “Franc congolais: the results are slow to come”. According to this article, after a period of stability of almost two years, the exchange rate of the Congolese franc suffered a significant depreciation against the US dollar in recent weeks, leading to a vertiginous increase in the prices of food and basic necessities. For example, in less than a month, the exchange rate went from 2,030 to 2,500 Congolese francs for 1 US dollar. This situation has direct consequences on the purchasing power of the Congolese, with a surge in the price of rice, vegetables and other basic products. The newspaper also mentions the measures taken by the government to try to stabilize the situation, in particular by limiting cash expenditure.
La Tempête des tropiques echoes this economic problem and reports that the President of the Republic insisted on the application of the measures taken during a crisis meeting. The Central Bank of Congo is responsible for intervening vigorously in the foreign exchange market using foreign currencies taken from reserves. The government has also decided to limit public spending to priorities only and to strengthen fiscal controls.
L’Avenir recalls that the government has called for the supervision of the automatic taxation of companies that have not made their tax declarations. The Ministers of Finance, Budget, the Governor of the Central Bank of Congo and the General Inspectorate of Finance are responsible for ensuring the application of these measures, under the supervision of the Prime Minister.
EcoNews reports that the government has taken eight urgent measures to support the Congolese franc in the foreign exchange market, without giving further details.
Congo Nouveau, meanwhile, changes register and highlights the Games of La Francophonie which will take place in Kinshasa. According to the director of the national committee, access to the opening ceremony will be free, thanks to the participation of the President of the Republic. This will allow the general public to experience this international sporting and cultural event live.
In summary, the economic situation in the Democratic Republic of Congo is worrying with the depreciation of the Congolese franc against the US dollar. The government has taken urgent measures to try to stabilize the situation, while emphasizing the rigorous management of public finances. At the same time, the country is preparing to host the Games of La Francophonie, thus offering an opportunity to celebrate sport and international culture