DRC proposes slashing 2016 budget by 22%

By Amedee Mwarabu Kiboko
Posted on Friday, 6 May 2016 14:48

The government also revised its projection for gross domestic product growth this year to 6.6 percent from an initial forecast of 9.0 percent, according to the document released on Friday.

“The decline in government receipts is notably due to the suspension of some mining activities, the closure of some mining businesses and a decline in the amount of imports coming through the (Tanzanian) port of Dar es Salaam,” it said.

Congo is Africa’s leading copper producer but it has been buffeted by a commodities slump that has lowered foreign exchange reserves and heaped pressure on its currency, the franc.

Extractive industries account for some 98 percent of the country’s export earnings. The government of President Joseph Kabila counts macro-economic stability as a key achievement.

The country faces an election in November when Kabila is due to step down after two terms in office.

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