National Economicand FinancialCommittee

Congo's National Economic and Financial Committee (CNEF) held its first ordinary meeting of the year on March 15, 2024, at the national headquarters of the Bank of Central African States (BEAC) in Brazzaville. Chaired by Mr. Jean-Baptiste ONDAYE, Congolese Minister of Economy and Finance, this session brought together various government figures, as well as BEAC representatives and the President of Unicongo, representing the private sector.

At the heart of the discussions at this meeting was a significant finding: an 11.1% increase in gross outstanding loans to the economy, reaching 1,635.5 billion FCFA, as well as a slight increase in overdue receivables, estimated at 1.4% and amounting to 256.1 billion FCFA. These figures testify to the dynamism of the Congolese economy, fuelled in large part by ongoing investment in the oil sector, dynamic non-oil activities, and satisfactory implementation of agreements with the International Monetary Fund (IMF).

With regard to future prospects, the Committee cited a real gross domestic product (GDP) growth rate of 1.0% in 2023, up on 2022, and an optimistic forecast of 5.6% for 2024 . On the other hand, inflation, although rising slightly to 4.3% in 2023, should ease to 4.0% in 2024, although remaining above the EU threshold of 3.0%.

In addition to these macroeconomic data, the Committee also examined in detail the various modes of financing the Congolese economy, in particular the substantial increase in the Congolese Treasury's outstanding amounts on the Central African Economic and Monetary Community's Treasury Securities market, which reached 2,272.7 billion FCFA, an increase of 63.1%. The Committee also encouraged the government to implement the recommendations set out in the report on the impact of the Treasury securities market on credit to the private sector.

It also discussed the evolution of international transfers to the Congo, which recorded a net positive balance of 81 billion FCFA in 2023. Lastly, the Committee broadened the base of contributors to the Committee, set new contribution scales and adopted its budget for the 2024 financial year. It also extended its congratulations to Mr. Yvon SANA BANGUI, Governor of the BEAC, appointed by the Conference of Heads of State at its session on Friday February 9, 2024.