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DRC, World Bank have a $1b dispute

President of the Democratic Republic of Congo Felix Tshisekedi

After the government abruptly liquidated the project fund, the World Bank suspended support for more than $1b in humanitarian and economic programs in the DR Congo.

According to the letter, of the $1.04 billion total, $91 million had already been approved for the projects, but the bank was still seeking documentation on their advancement.

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According to his statement, the adjustment was brought about by “the evolution of the legal framework governing public institutions.”

The World Bank’s head of operations in the nation, Albert Zeufack, said in a letter dated May 12 that the institution had learned about the decision via the media.

“The government and the World Bank should agree on transitional measures before being able to continue to commit the project funds.

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In order to ensure that the funds are used for the intended purposes,” he wrote in the letter.

The president’s approval was required before a statement could be made, according to a spokesman for the finance ministry of the Congo.

Tina Salama, speaking on behalf of the administration, indicated that the fund will be managed transitionally and that funding suspension was not an option.

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She said, “I believe arrangements have been made.” When questioned about the $91 million, she remained silent.

The quick decision to change the financial system is regrettable, claims Valery Madianga, the leader of a Congolese organization that specializes in public finance auditing.

“How can it be… that a public service, which signed a $1 billion program contract with the World Bank.

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Has been dissolved or has changed its social purpose without the latter being aware of it?” he questioned.

Four of the top opposition MPs in the Democratic Republic of the Congo asked the heads of the World Bank, and the African Development Bank.

And the International Monetary Fund to look into their finances there because they suspect embezzlement in a letter that was issued last week.

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