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Viewing cable 06KINSHASA1704, DRC OCTOBER MONTHLY ECONOMIC REVIEW

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Reference ID Created Released Classification Origin
06KINSHASA1704 2006-11-03 12:13 2011-08-25 00:00 UNCLASSIFIED Embassy Kinshasa
VZCZCXRO8785
RR RUEHBZ RUEHDU RUEHGI RUEHJO RUEHMR RUEHRN
DE RUEHKI #1704/01 3071213
ZNR UUUUU ZZH
R 031213Z NOV 06
FM AMEMBASSY KINSHASA
TO RUEHC/SECSTATE WASHDC 5108
INFO RUEHXR/RWANDA COLLECTIVE
RUCNSAD/SOUTHERN AFRICAN DEVELOPMENT COMMUNITY
RUCPDOC/DEPT OF COMMERCE WASHDC
RUEHC/DEPT OF LABOR WASHDC
RUEATRS/DEPT OF TREASURY WASHDC
RHMFISS/HQ USEUCOM VAIHINGEN GE
RUFOADA/JAC MOLESWORTH RAF MOLESWORTH UK
RUEAIIA/CIA WASHDC
UNCLAS SECTION 01 OF 02 KINSHASA 001704 
 
SIPDIS 
 
SIPDIS 
 
DEPT FOR DRL/IL-LHOST AND AF/RSA-MHARPOLE 
 
E.O. 12958: N/A 
TAGS: EFIN ELAB EMIN EAIR ECON PGOV CG
SUBJECT: DRC OCTOBER MONTHLY ECONOMIC REVIEW 
 
REF: A) KINSHASA 1608 
 
B) KINSHASA 1632 
C) KINSHASA 1688 
 
Summary 
------- 
 
1. (U) 
- During an October visit, an IMF team noted the DRC's growing 
inflation and Central Bank-financed budgetary overspending. 
 
- The Belgian government will cancel the GDRC's remaining debt once 
it achieves Highly Indebted Poor Country (HIPC) completion point. 
 
- The employees of the RVA (DRC's airport operating agency) ended 
their strike, but employees of the SNCC (the DRC's railway 
authority) remain on strike. 
 
- Gecamines (a DRC mining parastatal) continues its dispute with two 
foreign mining companies over copper/zinc concession rights in 
Katanga province. 
 
-  According to Post's market basket survey, October consumer prices 
increased by 5.3 percent over September, with year-to-date 
cumulative inflation now at 20 percent. 
 
- The Congolese Franc (CF) continues to depreciate, losing 5 percent 
against the USD in October. End summary. 
 
Aviation 
---------- 
 
2. (U) Competition from the Spanish/Congolese-owned Bravo Air Congo 
has driven down passenger airfare prices by 50 percent on several 
domestic DRC routes.  Bravo has not yet started its planned 
international service. 
 
3. (U) Employees of the RVA (the DRC's airport operator) suspended 
their strike October 9. 
 
Finance 
------- 
 
4. (U) During its October informal Staff-Monitored Program review, 
the IMF team said it is very concerned about the DRC's worsening 
macroeconomic situation, noting high GDRC Central Bank-financed 
over-spending for September and growing inflation, which the team 
said could reach 30 percent by year's end (reftel A). 
 
5. (U) Prior to the October IMF visit, the GDRC took some measures 
to attempt to slow the DRC's macroeconomic slide.  The Central Bank 
increased interest rates on bank credit and auctioned USD 5 million 
of foreign exchange.  Pursuant to IMF advice, Vice President 
Jean-Pierre Bemba, who heads the Economic and Financial Commission, 
reportedly directed the Ministries of Finance and Budget to limit 
GDRC expenditures to recurrent costs for the remainder of the year. 
 
 
6. (U) The government of Belgium announced it will cancel DRC's 
remaining USD 400 million in debt owed to Belgium, but that it will 
not cancel USD 300 million of this amount until the DRC reaches the 
HIPC completion point (reftel B). 
 
Labor 
----- 
 
7. (U) The SNCC (DRC's railway parastatal) railway workers' strike 
that began in July continues, and teachers in SNCC-supported schools 
have been on strike since August. As a result, food and petroleum 
product prices continue to increase in the two Kasai provinces of 
central DRC. 
 
8. (U) The DRC's Ministry of Public Administration has suspended 
paying World Bank-funded severance packages to civil servants who 
retired between 1985 and 2003, reportedly because the list of payees 
wrongly includes some active employees and lists some retirees more 
than once. Further, many retirees are refusing to cash the checks 
that were issued, in protest over what they say is insufficient 
compensation.  Many expected payments between USD 2000 and 6000 but 
instead received between USD 200 and 600. 
 
Mining 
------ 
 
KINSHASA 00001704  002 OF 002 
 
 
 
9. (U) Gecamines' (the DRC's copper/cobalt/zinc mining parastatal) 
dispute continues with South African company Kumba Resources and 
Canadian company First Quantum (FQ) over rights to the Kipushi 
zinc-copper mine in Katanga (reftel C).  In October, a Belgian court 
issued an order prohibiting Gecamines from sharing with third 
parties any confidential information it obtained about Kipushi from 
FQ. 
 
10. (U) Several more diamond miners died in mine cave-ins during 
October (reftel C). 
 
11. (U) The DRC's Ministry of Mines has reportedly licensed a new 
gold trading-house. The trading-house will be based in Butembo, 
North Kivu and will have branches in Kinshasa, Beni and Goma, North 
Kivu, Nairobi and Kampala. 
 
Consumer Inflation Rate 
----------------------- 
 
12. (U) Post's market-basket survey indicates a 5.3 percent October 
consumer inflation rate and year-to-date cumulative inflation of 20 
percent. Significant increases are in rent, which is paid in USD, 
clothing, most of which is imported, and locally-produced products 
such as charcoal and firewood, in part due to the current 
prohibition on kerosene imports from Angola. 
 
Exchange Rates 
-------------- 
 
13. (U) The Congolese Franc (CF) depreciated by nearly 5 percent in 
October, from 504 to 527 CF/USD, and 22 percent since January, 
according to the Central Bank's official exchange rate. 
 
Week ending  10/7  10/14 10/21  10/28 
 
Central Bank Rates: 510  513  524  530 
Parallel Rates 
Kinshasa   515  525  530  540 
Lubumbashi  510  520  525  530 
Mbuji-Mayi  512  515  525  530 
Bukavu/Goma  515  520  530  535 
Kisangani   510  515  515  525 
Matadi/Boma  485  495  505  525 
 
 
MEECE