(Ecofin Agency) - The Congolese government plans to collect about CFA1,935 billion, or $3.4 billion in revenues next year. This is about 17.2% higher than the amount estimated in the 2021 rectifying finance law.
To achieve its objective, the government mainly bets on oil and tax revenues. Oil revenues are expected to jump by 16% from $1.8 billion this year and tax revenues are expected to jump by 15% from $1.2 billion. For expenditure, the government plans to invest more than CFA1,734 billion in 2022, up from the CFAF 1,522 billion this year. The money will serve for debt settlement, goods, and services, as well as salaries. More than CFA329 billion will go for various investments. The government will provide a little more than 48% of investment needs while the remaining will come from external resources.
According to the African Development Bank (ADB), Congo's economy has been in recession for at least two years. This is mainly due to the fall in oil prices on the international market. However, the pan-African banking institution foresees a recovery of the global economy, thanks to possible mitigation of the covid-19 pandemic. That could positively impact the Congolese economy.