Kinshasa: Entre 2023 et 2025, the Democratic Republic of the Congo’s oil sector saw a drastic reduction in losses and foregone revenues, dropping from $288,674,000 to $31,564,242, as stated by Vice Prime Minister and Minister of National Economy, Daniel Mukoko. He noted that there was an 89% decrease between 2023 and 2024, with payments being nearly regular.

According to Radio Okapi, this announcement followed discussions between Daniel Mukoko and a delegation from the International Monetary Fund (IMF) as part of the first review of the economic program under the Extended Credit Facility, approved in January by the IMF’s Executive Board. The discussions focused on the issue of losses and foregone revenues of oil companies, particularly their certification for the second half of 2024.

During the talks, the Minister of National Economy detailed the process undertaken: “We have completed the certification for the entire year of 2024, with total losses and foregone revenues amounting to $31 million, distributed as follows: $16 million for the first half and $15,520,258.54 million for the second,” stated Daniel Mukoko Samba. He further explained the rigorous process used for certifying these losses and foregone revenues: “We applied great rigor in our calculations and in the management of our resources.”

IMF Satisfaction

Calixte Ahokpossi, IMF mission chief for the DRC, expressed satisfaction with the reduction of losses and foregone revenues in the oil sector. “We are here for the first review of the economic program under the Extended Credit Facility, as well as the second program under the Resilience and Sustainability Facility. Our visit aimed to discuss, among other things, the management of petroleum product prices. We observed that the losses and foregone revenues have significantly decreased, which has a very positive impact on public finances. We encourage the government to continue its efforts to reduce these losses,” recommended Calixte Ahokpossi.

Addressing the issue of combating high living costs led by the Congolese government through the Ministry of National Economy, the IMF mission chief for the DRC sought to understand their basis and future outlook.

SOURCE: RADIO OKAPI