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Saturday, 6 June 2009

Economy Watch (DR Congo)

As we grapple with our economic challenges, spare a thought for our neighbours to the north are grappling with different sets of maths :
Democratic Republic of Congo's annualised inflation stood at 74 percent by the end of May, down from a peak of 121 percent earlier this year, the country's central bank governor said on Friday. Governor Jean-Claude Masangu said inflation could brought down to a revised target of 31 percent by the end of the year. 

The country's foreign reserves took at $205 million, the equivalent of one and a half weeks of imports, he added......The figure for reserves includes $200 million of emergency funds disbursed by the International Monetary Fund earlier this year to shore up the country's economy.

Congo's budget minister warned last month that the country would have to revise its 2009 budget if it was unable to rein in rampant inflation and reverse the slide of its currency. In March, the IMF slashed Congo's growth forecast to 2.7 percent, down from an October projection of over 10 percent.

1 comment:

  1. Meanwhile to the South, Botswana may have become a bigger player in the copper sector following a major discovery announced Monday: Firm Finds 2.9 Billion Pounds Of Copper In Ghantsi.

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