Finance Minister nicolas Kazadi KadiMa-nzuji Brings new impetus to the drc Ministry of Finance.
Formerly ambassador-at-large in President Tshisekedi’s administration, he has paved the way for the resumption of structural cooperation with the International Monetary Fund (IMF). That work has borne fruit, to the great benefit of the DRC.
When Finance, renew he the Kazadi arrived dialogue set at himself with the the ministry a international goal: to of (IMF) and monetary sig n a Fund n ew three-year agreement under the extended Cre d it Facility (E CF). since the suspension in november 2012 of the second three-year program with the IMF, the Drc had not received budgetary support from the fund for balance of payments support. This nine-year hiatus has left its mark on the Congolese economy, closing the door on some external partner financing.
kazadi led the negotiations that resulted in the signing of a new threeyear agreement with the IMF on July 15, 2021. A press release issued by the IMF Executive board on July 15, 2021 stated “the ecF arrangement will support the authorities’ medium-term reform program aimed at maintaining macroeconomic stability, increasing fiscal space, and promoting sustainable, private sector-led economic growth.”
The board further noted that the ecF arrangement will focus on three key areas: enhancing domestic revenue mobilization to increase fiscal space for infrastructure and social spending; strengthening governance, including natural resource management and transparency; and strengthening the monetary policy framework and central bank independence. the agreement is expected to catalyze support for the budget and projects of external partners.In December 2021, the DRC passed its first test in this regard when the IMF Executive Board approved the disbursement of US$212.3 million for the country. The board recognized achievements under Kazadi’s leadership, noting that “despite the covid-19 pandemic, the rebound in economic activity is stronger than initially expected, supported by higher than expected mining production and the recovery of nonextractive growth.”
Beyond on the imF capitalizing agreement, Kazadi seeks to revitalize the Drc’s internal mobilization machine. this work is gaining considerable traction. For the first time in the history of public finance in the Democratic Republic of Congo, the three traditional financial authorities: the Directorate General of Taxes (DGI), the Directorate general of customs and Excise (DGDA), and the Directorate General of Administrative, Judicial, Domain and Participation Revenues (DGRAD), have responded unanimously the minister of Finance’s call to action, breaking records in revenue mobilization.
In November, the DRC Council of ministers applauded kazadi for these financial accomplishments. “In terms of current revenues mobilized from January 1 to October 28, 2021, a cumulative total of 9,439 billion Congolese francs was recorded,” the council noted. “This indicates that the annual budgetary assignments have, at this stage, been achieved at 100%.”
drc Finance Minister nicolas Kazadi is a champion for public finance reform.