National Economic and Financial Committee (CNEF)-Congo

15 Mar, 2024

The National Economic and Financial Committee of Congo (CNEF) held its first ordinary meeting of the current year, Friday March 15, 2024, at the national headquarters of the Bank of Central African States (BEAC), in Brazzaville, underthe presidency of Mr. Jean-Baptiste ONDAYE, Congolese Minister of Economy and Finance. This session was attended by Ms. Ingrid Olga Ghislaine EBOUKA-BABACKAS, Minister of Planning, Statistics and Regional Integration, Mr. Ludovic NGATSE, Minister of the Budget, Public Accounts and Public Portfolio and by videoconference, Mr. Yvon SANA BANGUI, Governor of the BEAC, of ​​Central African nationality. The Committee noted an 11.1% increase in outstanding gross credits to the economy, to 1,635.5 billion CFA francs, and a slight increase in overdue debts of 1.4% to 256.1 billion CFA francs. 

On the national level, according to the press release read by Mr. Serge Dino Daniel GASSACKYS, Secretary General of the CNEF and National Director of BEAC-Congo, the Committee noted that in the fourth quarter of 2023, economic activity in Congo was mainly driven by continued investments in the oil sector, the dynamism of activities in the non-oil sector and the satisfactory implementation of the program concluded with the International Monetary Fund (IMF). As a result, the growth rate of real gross domestic product (GDP) is 1.0% in 2023, compared to 0.5% in 2022. It would reach 5.6% in 2024. 

On the price front, inflation stood at 4.3% in 2023, compared to 3.0% in 2022. In 2024, it would fall to 4.0%, while remaining above the community threshold. (3.0%). 

Examining the different methods of financing the Congolese economy in 2023, the Committee noted an increase of 11.1% in the outstanding gross credits to the economy, to 1,635.5 billion CFA francs and a slight increase overdue debts by 1.4% to 256.1 billion CFA francs. On the Treasury Securities market of the Economic and Monetary Community of Central Africa, the outstanding balance of the Congolese public treasury reached 2,272.7 billion CFA francs, a sharp increase of 63.1%. 

The Committee also examined the study report on the impact of the Treasury Securities market on credits to the private sector. In this regard, he encouraged the Government to implement the recommendations made. Likewise, the Committee took note of the evolution of international transfers from Congo, which presented a positive net balance of 81 billion CFA francs in 2023. 

The Committee broadened the base of contributors, set new contribution scales and adopted its budget for the 2024 financial year. 

Finally, the Committee presented its congratulations to Mr. Yvon SANA BANGUI, Governor of the BEAC, appointed by the Conference of Heads of State, during its session on Friday February 9, 2024.

The Communication Unit of the Ministry of Economy and Finance

Photo credit : B2B Communication

Sub Category:FINANCES