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Viewing cable 06KINSHASA1261, DRC JULY MONTHLY ECONOMIC REVIEW

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Reference ID Created Released Classification Origin
06KINSHASA1261 2006-08-10 09:33 2011-08-25 00:00 UNCLASSIFIED Embassy Kinshasa
VZCZCXRO6628
RR RUEHDU RUEHGI RUEHJO RUEHMR RUEHRN
DE RUEHKI #1261/01 2220933
ZNR UUUUU ZZH
R 100933Z AUG 06
FM AMEMBASSY KINSHASA
TO RUEHC/SECSTATE WASHDC 4566
INFO RUEHXR/RWANDA COLLECTIVE
RUCNSAD/SOUTHERN AFRICAN DEVELOPMENT COMMUNITY
RUCPDOC/DEPT OF COMMERCE WASHDC
RUEHC/DEPT OF LABOR WASHDC
RUEATRS/DEPT OF TREASURY WASHDC
RUEAIIA/CIA WASHDC
UNCLAS SECTION 01 OF 02 KINSHASA 001261 
 
SIPDIS 
 
SIPDIS 
 
DEPT FOR DRL/IL-LHOST AND AF/RSA-MHARPOLE 
 
E.O.  12958:N/A 
TAGS: ECON EFIN ENRG ELAB EAIR EMIN ETRD PGOV CG
SUBJECT: DRC JULY MONTHLY ECONOMIC REVIEW 
 
 
Summary 
------- 
 
1. (U) Summary. 
 
- The DRC banking sector is slowly increasing services, with the 
first ATM, Master Card and mobile phone banking capabilities 
becoming available in July. 
 
- The Energy Vice Minister ordered an audit of Cohydro, the DRC's 
petroleum parastatal. 
 
- National railway employees are on strike to demand payment of 
nearly two years' salary arrears. 
 
- Interest in the Katangan mining sector continues to increase. 
South African Kumba Resources is in discussions with Gecamines, the 
Congolese mining parastatal, to relaunch a zinc/lead/silver mine. 
An Israeli-owned company, Nikanor, has raised millions of dollars of 
capital to develop its copper and cobalt mining projects. 
 
- The IMF announced the launched of its informal Staff Monitored 
Program (SMP) with the DRC. 
 
- The GDRC submitted its Poverty Reduction Strategy Plan to the IMF 
and World Bank and produced a revised 2006 budget, which contains a 
deficit. 
 
- According to Post's market basket survey, June consumer prices 
increased by 2 percent. End summary. 
 
Aviation 
---------- 
 
2. (U) July 31, the Director of the DRC's Civil Aviation Authority 
granted Northwest Airlines a code-share with Air France flights 
between Kinshasa and Paris, effective in September. 
 
BANKING 
------- 
 
3. (U) The ProCredit Bank, a German-run financial institution that 
operates in the DRC and in 18 other developing markets, has 
installed the first ATM machine in Kinshasa at its bank here. 
 
4. (U) In Kinshasa, Rawbank, a Congo-based commercial bank, launched 
a Master Card for its clients' use.  Rawbank is the first financial 
institution in the DRC to offer this service; however, few merchants 
accept payment via credit card in the DRC. 
 
5. (U) Cellular service provider Vodacom launched a new service 
called TOP-UP in cooperation with Celpay, a company which Celtel, 
Vodacom's chief competitor in the DRC, spun off in 2005.  This 
service allows users with Internet access, a 64K SIM card and a bank 
account, to pay bills and withdraw cash from participating 
businesses.  Celpay currently has agreements to extend this service 
to the clients of three commercial banks in the DRC. 
 
Energy 
------ 
 
6. (U) The Vice Minister of Energy (member of the political 
opposition party FCI) requested that the Cour des Comptes, the DRC's 
audit body, examine Cohydro, the DRC's petroleum parastatal.  The 
audit is allegedly in response to mismanagement by Cohydro's 
management, including its CEO who is a member of another political 
faction, MLC. 
 
Labor 
----- 
 
7. (U) SNCC (the DRC's national railroad company) employees at Ilebo 
Port on the Kasai River in Western Kasai went on strike to claim 22 
months of salary arrears, and subsequently all SNCC employees 
followed suit. Ilebo is a key transit point in the interior for food 
and consumer goods; the strike has therefore resulted in increased 
consumer prices because of reduced supplies. 
 
Mining 
------ 
 
8. (U) According to contacts in the mining sector, Gecamines (a 
Congolese mining parastatal) is negotiating with Kumba Resources to 
relaunch joint-venture operations at Kipushi, a zinc/lead/silver 
mine in Katanga province. Anglo American, a British-South African 
 
KINSHASA 00001261  002 OF 002 
 
 
diversified mining company, is Kumba's majority shareholder. The 
project's other partner, First Quantum, is listed on the Toronto 
Stock Exchange and on London's AIM. 
 
9. (U) Nikanor, Israeli investor Dan Gertler's holding company, has 
raised several hundred million dollars following its public tender 
on the London Stock Exchange's Alternative Investment Market (AIM). 
Media reports say that this tender is AIM's largest to date. 
Nikanor says that it will use the capital to develop its 
copper/cobalt mining projects in Katanga in joint-venture with 
Gecamines. 
 
Public Finance and Taxation 
--------------------------- 
 
10. (U) The International Monetary Fund (IMF) confirmed the 
establishment of an informal "Staff Monitored Program" (SMP) with 
the DRC following the March 31 lapse of the formal IMF Poverty 
Reduction and Growth Facility (PRGF) program. The SMP will run at 
least through the end of 2006, requiring of the DRC the same 
conditions of structural reform and macroeconomic stability as under 
the PRGF.  The IMF expects to send a team to the DRC to evaluate 
progress under the SMP in October and again at year's end or in 
early 2007. 
 
11. (U) The Congolese Minister of Planning, Delly Sesanga, announced 
in mid-July the GDRC's approval and adoption of its Poverty 
Reduction Strategy Paper (PRSP), following an extended round of 
consultations with donor country, civil society, and multilateral 
lending institution representatives.  The GDRC presented the 
document to the IMF and World Bank as the DRC's social and economic 
development roadmap for 2007-2011. 
 
12. (U) The Ministries of Finance and Budget recently unveiled the 
DRC's revised 2006 budget.  The new budget reflects a deficit of USD 
70 million.  This is due primary to the loss of an estimated USD 40 
million of Central Bank foreign exchange reserves' support and USD 
180 million of foreign budget assistance, as the result of the 
unsuccessful conclusion of the IMF PRGF program. The GDRC trimmed 
the overall budget by some $30 million (from $2.1 billion to $2.07 
billion), increased estimated government revenues from 43% to 47% of 
the overall budget and decreased projected government spending.  All 
external debt payments have been slashed from the budget, despite 
the fact that Paris Club members suspended debt forgiveness 
following the collapse of the IMF program.  The Ministries of Budget 
(www.minsteredubudget.cd) and Finance (www.minfinrdc.cd) have begun 
posting budget information on their websites. 
 
CONSUMER INFLATION RATE 
----------------------- 
 
13. (U) Post's market-basket survey indicates an inflation rate of 2 
percent in July, due primarily to increases in the cost of maize and 
manioc, the staple foods of the DRC. 
 
Exchange Rates 
-------------- 
 
14. (U) Week ending  7/07  7/14  7/21  7/27 
 
CENTRAL BANK RATES:  449  456  458  458 
PARALLEL MARKETS: 
KINSHASA    455  465  479  470 
LUBUMBASHI   450  450  450  450 
MBUJIMAYI    455  460  460  465 
KISANGANI    450  460  460  N/A 
MATADI/BOMA   450  460  460   N/A 
GOMA/BUKAVU   460  465  470  N/A