Sign in Subscribe
Economic development

Congo and African Development Bank Sign $602,000 Grant to Modernize National Accounts and Enhance Fiscal Transparency

Strategic Insights

— 1 min read

Congo has taken a significant step towards modernizing its national accounts and enhancing fiscal transparency by signing a $602,000 grant agreement with the African Development Bank Group. The agreement supports the rebasing of the country's national accounts, adopting the 2008 System of National Accounts (SNA 2008) and preparing for the eventual transition to SNA 2025, recently adopted by the United Nations. This project will have a significant impact on Congo's economy, particularly in sectors such as digital services, telecommunications, the informal economy, non-profit institutions, and digital financial services.

Key Takeaways:

  • The grant agreement is worth $602,000 and aims to support the rebasing of Congo's national accounts.
  • The project will update the base year for calculating national economic indicators from 2005 to 2008, aligning with international standards.
  • The new base year will capture underrepresented sectors such as digital services, telecommunications, the informal economy, non-profit institutions, and digital financial services.
  • The project will improve Congo's risk profile on international financial markets and potentially enable access to financing on more favourable terms.
  • A significant upward revision of the country's nominal GDP is expected, which would reduce the debt-to-GDP and deficit-to-GDP ratios.
  • The project will be implemented over 18 months as part of Congo's National Statistics Development Strategy (SNDS II 2022-2026).
  • The African Development Bank's commitment to data-driven development and statistical systems as a pillar of economic governance is reaffirmed through this grant.
  • The project aligns with the Bank's Ten-Year Strategy 2024-2033 and the African Union's Agenda 2063.

Statistics:

  • $602,000: The value of the grant agreement signed by Congo and the African Development Bank Group
  • 2005: The current base year for calculating national economic indicators in Congo
  • 2008: The new base year that will be adopted, aligning with international standards
  • 18 months: The duration of the project implementation period
  • 54: The number of regional member countries of the African Development Bank Group
  • 41: The number of African countries where the African Development Bank has a presence
  • 2024-2033: The period covered by the African Development Bank's Ten-Year Strategy

Sources:

  • https://apo-opa.co/3HoLpNr (African Development Bank's Ten-Year Strategy 2024-2033)
  • https://apo-opa.co (APO Group)
  • www.AfDB.org (African Development Bank Group)
  • mail to media@afdb.org (African Development Bank Group Communications and External Relations Department)
  • www.AfDB.org (African Development Bank Group)

Read more