The government of the Democratic Republic of Congo held its hundred and first meeting of the Council of Ministers on June 9. On this occasion, the Minister of Finance, Nicolas Kazadi, presented the Bill on the rendering of accounts of Finance Law n°21/029 of December 31, 2021 for the 2022 financial year.
Although the central government budget as of December 31, 2022 is in balance, with 22,253.01 billion Congolese francs (CDF) in revenue and expenditure, it was executed to the tune of 26,160.70 billion CDF in revenue, i.e. a rate of 117.56%, and CDF 28,641.15 billion in expenditure, representing an execution rate of 128.71%.
Compared to the previous year, the year 2022 saw an increase in both revenue and expenditure of around 63.65% and 78.33% respectively. However, the general budget shows a deficit balance of CDF 3,481.73 billion as of December 31, 2022, while the annexed budgets and special accounts each show a surplus balance at the closing respectively of the order of CDF 9.34 billion and CDF 991.94 billion.
On the subject of the overspending of credits observed, the Minister explained that these were caused by the limits of the ways and means budget, presenting forecasts that are just as limited in relation to the real needs, which constitutes a structural problem.
Ultimately, the Law that will result from this text to be transmitted to Parliament will retrospectively validate and close the expenditure and revenue planned and authorized under Finance Law No. 21/029 of December 31, 2021 for the 2022 financial year.
Although this financial report is an important document for the government, it is nevertheless difficult for the general public to understand. This is why it is important for the government to share more details on the impact of spending and revenue on the country’s economy. In addition, it is important to put in place an infrastructure to track and measure the effectiveness of the country’s long-term investments.