Congo News
U.S. bill Targets IMF Support to CEMAC Over Disputed FX Reserves
Proposed legislation demands IMF reject environmental funds as official reserves Move could freeze lending to CEMAC states and rattle investor confidence Cotonou, Benin – A new bill introduced in the US Congress threatens to complicate access to International Monetary Fund resources for Central African nations. The draft legislation—dubbed the CEMAC Act—would block US support for any IMF programme involving members
Central African States Boost FX Reserves but Regional Imbalances Persist
Foreign reserves reach CFA7,515 billion ($12.3 billion), up 9.2% Gabon and Chad remain top contributors, while Congo lags behind Cotonou, Benin – The Bank of Central African States (BEAC) saw its foreign exchange reserves rise to CFA7,515 billion (approximately $12.3 billion) in January 2025, marking a 9.2% year-on-year increase, driven by oil revenues, corporate tax payments from the extractive sector,
Congo Targets 63% Debt Reduction as IMF Warns of Distress
Debt-to-GDP ratio remains high at nearly 95% Ambitious plan focuses on repayments and tighter fiscal management Congolese authorities announced plans Thursday to reduce the country’s public debt stock by 63% within five years, responding to concerns highlighted in the latest report from the Congolese Amortization Fund (CCA). The report placed Congo’s total outstanding debt at $14.4 billion—94.74% of GDP—as of
Congo to Roll Out New Gas Code in Bid to Boost Output
New fiscal terms and legislation to reshape hydrocarbons sector Gas output forecast to double as Eni and Wing Wah expand projects Brazzaville, Republic of Congo – The Republic of Congo is preparing to overhaul the fiscal and legal framework governing its hydrocarbons industry as it pivots toward natural gas to drive economic growth and energy access. A new hydrocarbons code,
African Ministers Seek to Leverage AfCFTA for Stronger Trade Amid Global Headwinds
Finance ministers discuss boosting intra-African trade through “Afroshoring” Infrastructure and green financing seen as key to AfCFTA success Abuja, Nigeria – African finance and economic planning ministers meeting in Addis Ababa are exploring strategies to advance the continent’s free trade ambitions amid rising global geopolitical challenges.
CEMAC Misses Foreign Reserves Target as IMF Warns of Economic Uncertainty
Bloc falls €4.43 billion short of net foreign assets target for June 2024 IMF urges fiscal consolidation and stricter foreign exchange enforcement Yaoundé, Cameroon – The Central African Economic and Monetary Community (CEMAC) failed to meet its net foreign assets (NFA) target for June 2024, missing the mark by €4.43 billion, the International Monetary Fund (IMF) said on Wednesday.
South Africa Calls on G20 to Implement Global Minimum Tax for Developing Nations
Finance Minister Enoch Godongwana urges G20 to back a fairer global tax framework. South Africa assumes G20 presidency amid U.S. absence from the Cape Town summit. Johannesburg, South Africa South Africa is pressing G20 members to adopt a global minimum tax system that would help developing nations strengthen their tax base and mobilise resources for economic growth.
Congo To Open New Oil Licensing Round to Boost Investment
Government to offer new exploration and exploitation licences at upcoming investment forum Congo aims to ramp up production from 274,000 to 500,000 barrels per day in 2025 The Republic of Congo is rolling out a new licensing policy to attract international investors and revitalise its oil and gas sector, the Ministry of Hydrocarbons announced on Friday.
Africa Guarantee Fund’s $5 Billion Facility to Spur Continental Energy Access
The African Guarantee Fund establishes a $5 billion guarantee facility to accelerate electricity access Initiative supports AfDB and World Bank’s Mission 300 plan to electrify 300 million people in five years Abuja, Nigeria – The African Guarantee Fund has set up a $5 billion guarantee facility to help the African Development Bank (AfDB) expand electricity access across the continent by