August 3, 2021

a former IMF appointed Governor of the Central Bank

A former Congolese official of the International Monetary Fund (IMF), Marie-France Malangu Kabedi Mbuyi, has been appointed governor of the Central Bank of the Democratic Republic of Congo (DRC), the first woman to hold this post, we learned. Tuesday July 6 from official source. President Félix Tshisekedi “Named Mme Malangu Kabedi Mbuyi Governor of the Central Bank of Congo [BCC] », according to an ordinance read on state television RTNC.

63 years old, Mme Malangu is the first woman to be appointed head of the BCC since its creation in 1961. Her appointment has been widely welcomed by members of the Congolese majority and opposition alike. Mme Malangu worked for thirty-two years at the IMF where she notably held the functions of resident representative in Benin and Cameroon, according to the Congolese government.

Read also: Mining contracts in the DRC: “Congolese companies are at the heart of the problem”

She replaces Deogratias Mutombo appointed governor of the BCC in 2013 by President Joseph Kabila. With this appointment, President Tshisekedi appointed a personality of his choice to this strategic lever of power in the DRC, in the same way as the political institutions he already controls.

This appointment came at the same time as the formation of a new board of directors of the BCC to replace that bequeathed by the former head of state.

A potentially rich country

At the end of May, the DRC reached a preliminary agreement for a three-year economic program with the IMF in order to benefit from financing of 1.5 billion dollars. Mme Malangu will join the team of negotiators made up in particular of the Minister of Finance Nicolas Kazadi.

“The disarticulated economy of the DRC operates with a circulating money supply consisting of 95% foreign currency, with an insignificant budget of nearly 5 billion US dollars for more than 100 million inhabitants”Congolese economist Michel Somue told AFP.

Read also In DRC, at least 50 people were killed in attacks on two villages

The world’s leading producer of cobalt, the DRC is a potentially rich country with its minerals. But two-thirds of its 80 million inhabitants live in poverty. “In 2018, 72% of its population lived on less than $ 1.9 per day”, according to the World Bank. The country is dependent on “Donors” (bilateral or multilateral aid) for its current expenses, often undermined by corruption.

On the security front, the DRC has been destabilized for nearly three decades in its eastern part by the presence of around a hundred local and foreign armed groups, responsible for abuses on a population that mostly lives on $ 1.25 a day. , according to UN estimates.

The World with AFP