The Civil Society In Congo Criticizes IMF FUNDS Fund Management

Congo/IMF: Civil Society Criticizes Fund Management

The International Monetary Fund (IMF) Executive Board has approved the disbursement of approximately $43 million to the Congolese government under the extended credit facility initiated in 2022. This approval follows four reviews of the three-year program, highlighting the economic effectiveness of the structural reforms implemented.

Economic Improvements Highlighted

Economic journalist Alphonse Ndongo explains, “Contrary to popular belief, the IMF does not give us money for our development directly. The IMF helps improve our financial credibility. When we become credible, we can then raise the funds needed on the international financial market. With inflation at 3.7%, Congo is above the community standard of 3%, indicating macroeconomic improvement.”

Governance Shortcomings Pointed Out

However, not everyone shares this positive outlook. Members of civil society and political actors express concerns about governance issues. They argue that the ongoing crisis and current cash flow tensions in Congo highlight significant shortcomings.

Clément Mierassa, President of the Congolese Social Democratic Party, states, “I regret that very little has been done in terms of major reforms that could have helped Congo out of the crisis. With a corruption perception index of 22/100, which is truly mediocre, nothing has been achieved. Pensioners have 41 months of pension arrears, students have 3 or 4 years of scholarship arrears, and Marien Ngouabi University is on strike. This is due to poor governance.”

The Reality on the Ground

While the IMF forecasts a Congolese growth rate of around 3.5%, many Congolese citizens feel disconnected from these positive indicators, arguing that they are bearing the brunt of the IMF’s structural reforms.

Government Reassurances

Despite these criticisms, the Congolese government remains optimistic, assuring the public that by next year, Congo could see significant improvements and emerge from its current economic challenges.

As the debate continues, Congo’s economic and social situation remains complex, with progress and challenges coexisting in a landscape marked by both hope and skepticism.