The government of Congo has adopted, during its last cabinet meeting, an amending finance bill of CFA1083 billion against CFA2175 billion for the initial finance law.By Léon Charles Moukouri
The measure is dictated by the economic situation due to the Covid-19 pandemic.
“The passage of this finance law exercise 2020 from CFA2175 to CFA1083 billion is due to the decrease in budget resources to a little more than 50.22 percent compared to the initial finance law,” explained government spokesman, Thierry Moungalla, who reported the conclusions of the cabinet meeting.
He added that this decline in the national budget is correlative to that of ﬁscal revenues which fell by 58.9 percent, from CFA864 to CFA355 billion.
It is also motivated by the drop in other revenues by 52.69 percent, which declined from CFA1228 to CFA581 billion, that of 55.30 percent of oil revenues which dropped from CFA1188 to CFA531 billion and that of fees and administrative costs which decreased by 49.4 percent.
According to the government, this amending finance bill is based on the measures taken to stem the spread of the Covid-19 pandemic, combined with the sharp drop in oil prices witnessed in recent weeks.
The objective is to provide responses to the situation in the Congo.