Republic of the Congo
The Republic of Congo government expects the country’s GDP growth to rise from 2.6 percent this year to 3.4 percent in 2017. This due to several new oil blocks which are expected to come online, government spokes person Thierry Moungalla, said in a statement.
However, the government plans to cut its budget by 24.3 percent in 2017 to 2.74 trillion CFA Franc which translates to $ 4.7 billion, as it seeks to rein in public spending following the elections that were held in March this year.
According to the World Bank, the central Africa nation is the most resource dependent nation in the world, with commodities account for nearly 60 percent of economic output and with about half of its just over 4 million people living in poverty.
It is however on track to reverse a decline in oil production and overtake Equatorial Guinea to become sub-Saharan Africa’s third-largest crude producer by next year.
Reuters
02:01
Johannesburg’s waste crisis leaves communities surrounded by illegal dumps
00:52
South Africa signs $1.5bn World Bank loan for infrastructure development
00:57
Namibia’s president meets with Chinese Premier Beijing
00:54
IMF lowers global growth forecast amid geopolitical tensions
00:54
Egypt says it is expecting a further $1.7 billion from Europe within days
10:00
Nigeria: 360 kidnapping victims freed by the army [Africanews Today]