Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Congo an economic 'bright spot' in Africa, says IMF chief

EconomyDec 08, 2021 02:49PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
4/4 © Reuters. Democratic Republic of Congo President Felix Tshisekedi meets International Monetary Fund chief Kristalina Georgieva in Kinshasa, Democratic Republic of Congo, December 8, 2021. REUTERS/ Hereward Holland 2/4

KINSHASA (Reuters) - Democratic Republic of Congo is a rare "bright spot" in Africa's economic performance as high commodity prices and government reform improve finances, the head of the International Monetary Fund said on Wednesday.

Congo's economy is expected to grow 5.4% this year and 6.4% in 2022, Kristalina Georgieva told a news conference in Kinshasa after meeting Congo President Felix Tshisekedi.

That outpaces total Sub-Saharan African growth of 3.7% this year and 3.8% in 2022.

Congo "benefits from higher commodity prices but above all benefits from the reforms that the president and the government have been pursuing," Georgieva said.

The country is Africa’s top producer of copper and the world’s leading miner of cobalt, used in the making of electric car batteries. But chronic corruption, mismanagement and conflict have stunted output and left the vast majority of the country in poverty.

Tshisekedi, in power since 2019, has tried to turn the tide of spiralling inflation and depleted forex reserves under his predecessor Joseph Kabila.

Reforms include greater independence of the central bank and more efficient revenue collection.

Congo has published old mining contracts that were previously secret, massively increased its foreign reserves and replaced the board of both the Central Bank and the state mining company Gecamines.

Georgieva said the world economy is recovering from the worst impacts of the coronavirus pandemic, but has lost a bit of momentum with the United States and China slowing down.

The world economy is expected to grow 5.9% this year and 4.9% next, she said.

Congo an economic 'bright spot' in Africa, says IMF chief
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email