By DRC Government Adopts 2023 Financial Accountability Bill
Kinshasa, August 26, 2024 – 07:01 AM
The government of the Democratic Republic of Congo (DRC) has taken a significant step in public financial management by adopting the Financial Accountability Bill for the 2023 fiscal year. This bill, presented by the Minister of Finance, Doudou Fwamba, during the tenth Council of Ministers meeting on Friday, August 23, 2024, aims to formalize the final results of last year’s budget execution.
Summary of the Financial Accountability Bill
The bill on financial accountability for the year 2023 refers to the Finance Law, which was balanced at 32,456.78 billion Congolese francs (FC). By the end of the fiscal year, revenues totaled 29,607.09 billion FC, achieving a realization rate of 91.22%. On the expenditure side, the government spent 13,316.23 billion FC, reflecting a 96.49% execution rate.
Adopting this bill is crucial as it allows the government to present this report to the National Assembly at the opening of the September 2024 budget session, thereby complying with the legal provisions.
Analysis of the Situation
Financial accountability is a fundamental exercise in any democratic governance. In the DRC, this process is governed by Law No. 11/011 of July 13, 2011, on Public Finance. This law aims to ensure transparency and accountability in the management of public resources by providing a detailed account of the state’s revenues and expenditures.
The bill presented by the Minister of Finance not only documents the final results of budget execution but also approves the discrepancies between forecasts and actual outcomes. This process is crucial for evaluating government performance in managing public finances and identifying areas that need future adjustments.
Implications for the DRC
Adopting and implementing the Financial Accountability Bill is a significant step toward strengthening transparency and accountability within the Congolese government. It demonstrates the government’s commitment to adhering to international standards of financial management.
However, the challenge lies in reducing the gap between budget forecasts and actual results. A revenue realization rate of 91.22% indicates that further efforts are needed to optimize revenue collection. Additionally, the 96.49% expenditure execution rate reflects strict management but also highlights the need to improve the efficiency of resource allocation.
Conclusion
The submission of the Financial Accountability Bill for the 2023 fiscal year to the National Assembly marks a key milestone in the DRC’s financial governance. This process is essential for building public and international partners’ trust in the country’s management of public resources. As the government continues to navigate a complex economic environment, ongoing improvements in financial accountability processes will be crucial for supporting sustainable and inclusive development in the DRC.
Written by AnalysonKongo
