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Congo Posts Budget Deficit as Lower Metal Prices Cut Revenue

  • Foreign-exchange reserves decline as metal, oil prices drop
  • Government cut growth forecast for 2015 to 7.7% from 8.4%
Updated on

The Democratic Republic of Congo posted a budget deficit last year as declining prices for copper and other key exports curbed revenue.

The shortfall was estimated at 190.1 billion Congolese francs ($205 million), after spending totaled 4.22 trillion francs and revenue came in at 4.03 trillion francs, Prime Minister Matata Ponyo Mapon’s office said in a statement on its website Monday. Ponyo, who had presented a balanced budget of 8.5 trillion francs at the start of 2015, warned in October that the government needed to cut expenditure to ensure a balanced budget.