“We need to improve business climate, simplify tax laws and improve commercial laws,” Sassou, adding that objective was to improve economic growth rate. But the country could face more headwinds after Australia’s Sundance Resources said last month it had referred a dispute with Congo to arbitration in London, where it is seeking $8.76 billion in damages after the government revoked its mining license. read more He did not give a figure, but the International Monetary Fund (IMF) said in its forecast on Thursday that Congo’s economy was expected to grow at 1% in 2022, after 0.2% growth expected this year, and a 7.8 contraction in last year.
Around 90% of revenue in the OPEC member state comes from oil. Sassou said during a swearing in ceremony in the capital Brazzaville attended by several heads of states of the region that he aimed to focus on reviving and diversifying Congo’s battered economy that has been hit by declining oil prices.
Sassou said he aimed to make it easier for investors to do business in Congo, while tackling the country’s balance of payment deficit and debt burden. He came to power in 1979, ruling until he lost Congo’s first multi-party elections in 1992 before returning to office in 1997 after a civil war.
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Congo has been locked in prolonged negotiations with creditors over its debt which is delaying bailout talks and aid from the IMF. The IMF had warned that the country’s debt which rose to over 100% of gross domestic product last year, was unsustainable.
The News Highlights
- The President of the Republic of the Congo, Sassou, promises to improve the business climate by starting a new term
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