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Republic of Congo

Author(s):
International Monetary Fund
Published Date:
January 2001
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Table 1.Republic of Congo: Gross Domestic Product at Constant 1990 Prices, 1995–99
19951996199719981999

Prel.
(In billions of CFA francs)
GDP at market prices779.1812.5807.5837.6812.4
Oil265.9285.0346.5367.8383.5
Non-oil513.2527.5461.0469.8428.9
GDP at factor cost752.7780.1789.5811.3792.1
Agriculture, livestock, and fishing70.473.873.173.172.4
Forestry17.614.716.117.615.8
Petroleum sector265.9285.0346.5367.8383.5
Industry and mines53.554.043.944.842.2
Electricity, gas, and water14.315.812.013.48.1
Construction and public works8.29.06.86.28.6
Commerce, restaurants, and hotels82.786.374.575.863.4
Transport and communication68.271.758.255.150.2
Public administration108.6103.797.497.498.5
Other services63.366.161.060.149.4
Import duties26.432.418.026.320.3
(In percent of GDP)
GDP at market prices100.0100.0100.0100.0100.0
Oil34.135.142.943.947.2
Non-oil65.964.957.156.152.8
GDP at factor cost96.696.097.896.997.5
Agriculture, livestock, and fishing9.09.19.18.78.9
Forestry2.31.82.02.11.9
Petroleum sector34.135.142.943.947.2
Industry and mines6.96.65.45.35.2
Electricity, gas, and water1.81.91.51.61.0
Construction and public works1.11.10.80.71.1
Commerce, restaurants, and hotels10.610.69.29.17.8
Transport and communication8.88.87.26.66.2
Public administration13.912.812.111.612.1
Other services8.18.17.67.26.1
Import duties3.44.02.23.12.5
Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.
Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.
Table 2.Republic of Congo: Gross Domestic Product at Current Prices, 1995–99
19951996199719981999

Prel.
(In billions of CFA francs)
GDP at market prices1,056.21,299.71,355.71,150.11,365.3
Oil357.5550.9666.7419.6692.3
Non-oil698.7748.8689.0730.5673.0
GDP at factor cost1,011.51,242.31,325.51,100.21,328.9
Agriculture, livestock, and fishing85.998.7106.9106.3102.9
Forestry24.518.117.019.716.9
Petroleum sector357.5550.9666.7419.6692.3
Industry and mines85.987.174.080.079.3
Electricity, gas, and water16.116.913.614.99.3
Construction and public works14.418.916.615.226.2
Commerce, restaurants, and hotels127.2142.1132.9139.3116.7
Transport and communication85.587.777.577.772.0
Public administration130.0124.1122.0119.2122.2
Other services84.597.898.3108.391.1
Import duties44.757.430.249.936.4
(In percent of GDP)
GDP at market prices100.0100.0100.0100.0100.0
Oil33.842.449.236.550.7
Non-oil66.257.650.863.549.3
GDP at factor cost95.895.697.895.797.3
Agriculture, livestock, and fishing8.17.67.99.27.5
Forestry2.31.41.31.71.2
Petroleum sector33.842.449.236.550.7
Industry and mines8.16.75.57.05.8
Electricity, gas, and water1.51.31.01.30.7
Construction and public works1.41.51.21.31.9
Commerce, restaurants, and hotels12.010.99.812.18.5
Transport and communication8.16.75.76.85.3
Public administration12.39.59.010.49.0
Other services8.07.57.39.46.7
Import duties4.24.42.24.32.7
Table 3.Republic of Congo: Supply and Use of Resources at Constant 1990 Prices, 1995–99
19951996199719981999

Prel.
(In billions of CFA francs)
Gross domestic product779.1812.5807.5837.6812.4
Imports of goods and services307.8348.2401.0470.0406.9
Supply=use of resources1,086.91,160.71,208.51,307.71,219.3
Exports of goods and services391.2375.6441.1442.3502.7
Consumption495.1563.4616.1713.7571.3
Private385.3451.9475.2588.0457.9
Public109.8111.4141.0125.7113.4
Domestic investment200.6221.7151.2151.6145.4
Fixed investment188.2214.5146.9138.3137.2
Government16.487.124.127.042.5
Private171.8127.4122.8111.394.7
Oil127.2118.5117.5105.073.1
Non-oil44.58.85.36.321.7
Variation in stocks12.57.24.313.38.2
(In percent of GDP)
Gross domestic product100.0100.0100.0100.0100.0
Imports of goods and services39.542.949.756.150.1
Supply=use of resources139.5142.9149.7156.1150.1
Exports of goods and services50.246.254.652.861.9
Consumption63.569.376.385.270.3
Private49.455.658.970.256.4
Public14.113.717.515.014.0
Domestic investment25.827.318.718.117.9
Fixed investment24.226.418.216.516.9
Government2.110.73.03.25.2
Private22.015.715.213.311.7
Oil16.314.614.612.59.0
Non-oil5.71.10.70.82.7
Variation in stocks1.60.90.51.61.0
Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.
Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.
Table 4.Republic of Congo: Supply and Use of Resources at Current Prices, 1995–99
19951996199719981999

Prel.
(In billions of CFA francs)
Gross domestic product1,056.21,299.71,355.71,150.11,365.3
Imports of goods and services592.6669.3803.8951.4853.2
Supply=use of resources1,648.81,969.02,159.52,101.52,218.5
Exports of goods and services615.0829.5974.6741.71,087.6
Consumption647.5713.3881.81,052.9826.0
Private510.5524.1611.1807.2597.5
Public137.0189.1270.7245.6228.5
Domestic investment386.3426.2303.1306.9304.9
Fixed investment362.3412.3294.5279.9287.7
Government31.6167.548.354.689.1
Private330.7244.8246.2225.3198.6
Oil245.0227.8235.5212.5153.2
Non-oil85.717.010.712.845.4
Variation in stocks24.013.98.627.017.2
(In percent of GDP)
Gross domestic product100.0100.0100.0100.0100.0
Imports of goods and services56.151.559.382.762.5
Supply=use of resources156.1151.5159.3182.7162.5
Exports of goods and services58.263.871.964.579.7
Consumption61.354.965.091.560.5
Private48.340.345.170.243.8
Public13.014.620.021.416.7
Domestic investment36.632.822.426.722.3
Fixed investment34.331.721.724.321.1
Government3.012.93.64.76.5
Private31.318.818.219.614.5
Oil23.217.517.418.511.2
Non-oil8.11.30.81.13.3
Variation in stocks2.31.10.62.31.3
Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.
Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.
Table 5.Republic of Congo; Saving and Investment Balances, 1995–99(In percent of GDP)
19951996199719981999

Prel.
Total economy
Gross national saving20.99.72.1−12.04.6
Gross domestic saving38.745.135.08.539.5
Investment36.632.822.426.722.3
Net domestic financial balance (external resource balance)2.112.312.6−18.217.2
Net financial balance (external current account balance)−15.7−23.1−20.3−38.6−17.7
Excluding official transfers−16.7−23.5−20.4−39.0−18.2
Government
Gross national saving−2.91.4−5.7−15.2−0.5
Gross domestic saving9.713.06.5−2.610.1
Investment3.012.93.44.76.5
Net domestic financial balance6.70.13.1−7.33.6
Net financial balance−5.9−11.5−9.1−20.0−7.0
Excluding official transfers−6.9−11.9−9.3−20.3−7.5
Private sector 1/
Gross national saving23.78.37.83.35.1
Gross domestic saving29.032.128.511.129.4
Investment33.619.918.921.915.8
Net domestic financial balance−4.512.29.5−10.913.6
Net financial balance−9.8−11.6−11.1−18.7−10.7
Oil sector
Gross national saving12.09.09.09.08.0
Gross domestic saving 2/30.131.329.115.830.7
Investment23.217.517.418.511.2
Net domestic financial balance6.913.811.7−2.719.5
Net financial balance−11.2−8.5−8.4−9.5−3.2
Non-oil sector
Gross national saving11.7−0.7−1.2−5.7−2.9
Gross domestic saving 2/−1.00.8−0.6−4.7−1.3
Investment10.42.41.53.54.6
Net domestic financial balance−11.4−1.6−2.2−8.2−5.9
Net financial balance1.4−3.1−2.8−9.2−7.5
Private consumption
As a share of total GDP48.340.345.170.243.8
As a share of non-oil GDP73.170.088.7110.588.8
Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

Including public enterprises.

Owing to data limitations, the split between the saving of the oil and non-oil private sectors is subject to uncertainty.

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

Including public enterprises.

Owing to data limitations, the split between the saving of the oil and non-oil private sectors is subject to uncertainty.

Table 6.Republic of Congo: Production of Principal Crops, 1994/95-1998/99
1994/951995/961996/971997/981998/99

Prel.
(In thousands of tons)
Local crops
Manioc733.0763.0768.0701.0647.0
Plantains65.068.069.071.067.0
Rice1.01.01.01.01.0
Corn8.08.09.010.09.0
Sugarcane410.0450.0420.0454.0409.0
Peanuts16.017.117.819.517.3
(In tons)
Export crops
Coffee1,600224800850935
Cocoa2,3924623001,0001,100
Source: National Center of Statistics and Economic Research (CNSEE).
Source: National Center of Statistics and Economic Research (CNSEE).
Table 7.Republic of Congo: Fishing Production, 1995–99(In tons)
19951996199719981999

Prel.
Industrial14,46016,62917,36517,00017,357
Artisanal14,12012,35512,40013,14414,130
Total28,58028,98429,76530,14431,487
Source: National Center of Statistics and Economic Research (CNSEE).
Source: National Center of Statistics and Economic Research (CNSEE).
Table 8.Republic of Congo: Wood Production, 1995–99(In thousands of cubic meters, unless otherwise indicated)
19951996199719981999

Prel.
Timber production623.9891.5715.0921.9672.5
Of which
Okoumé100.7
Eucalyptus log production (thousands of tons)425.0144.0362.9486.1631.4
Exports
Logs542.2774.4722.9830.3614.9
Other0.0287.1445.9511.9633.4
Wood transformation115.5123.7126.3137.3100.1
Sawn timber62.369.177.988.077.3
Peeled veneer44.944.640.540.719.8
Cut veneer5.05.03.52.80.0
Plywood3.35.04.45.83.0
Source: Ministry of Forestry and Fisheries.
Source: Ministry of Forestry and Fisheries.
Table 9.Republic of Congo: Oil Production by Field, 1995–99(In millions of tons)
19951996199719981999

Prel.
Emeraude0.5140.5300.4510.4210.423
Likalala0.3860.0000.0000.0000.386
Loango0.9641.1601.3971.4771.388
Sendji0.9500.7210.6900.7370.766
Tchendo0.5640.5040.4200.3450.315
Tchibouela2.8272.5731.9661.7321.907
Yanga0.5970.5390.5050.4450.440
Zatchi1.5371.4451.6331.6371.566
Yambo0.6540.6690.7380.6120.759
Other0.0071.6533.7874.8824.826
Propane gas0.0000.0060.3150.3530.396
Total9.0009.80011.90212.64113.172
Percent change−0.48.921.46.24.2
Source: Ministry of Hydrocarbons.
Source: Ministry of Hydrocarbons.
Table 10.Republic of Congo: Oil Refinery Production, 1995–99 1/(In millions of metric tons.)
19951996199719981999
Butane4.31.91.10.00.0
Gasoline47.427.318.90.00.0
Diesel78.243.631.10.00.0
Gasoline (super)48.327.820.50.00.0
Diesel (aviation)12.19.28.20.00.0
Export crude (density: 600)234.2140.3100.70.00.0
Total424.5250.1180.50.00.0
Source: Ministry of Hydrocarbons.

Refinery ceased operations end-1997.

Source: Ministry of Hydrocarbons.

Refinery ceased operations end-1997.

Table 11.Republic of Congo: Consumption of Refined Petroleum Products, 1995–99(In millions of metric tons)
19951996199719981999

Prel.
Butane4.41.60.5
Jet fuel41.722.832.8
Premium gasoline38.128.922.7
Diesel73.854.146.9
Kerosene12.34.8
Kerosene (aviation)
Heating oil12.21.1
Lubricants and other
Total
Source: Ministry of Hydrocarbons.
Source: Ministry of Hydrocarbons.
Table 12.Republic of Congo: Industrial Production, 1995–99(In tons, unless otherwise indicated)
19951996199719981999

Prel.
Cement96,90043,44420,156
Refined sugar38,14341,61438,77442,86139,772
Palm oil10,230
Peanut oil
Soap1,8001,9801,6831,7331,473
Cloth (millions of meters)
Cigarettes (millions of cartons)600776380
Beer (thousands of hectoliters)505510342494480
Nonalcoholic beverages (thousands of hectoliters)217297165195194
Flour34,77918,6078,1774,002
Electricity (millions of kilowatt-hours)443483366408196
Source: National Center of Statistics and Economic Research (CNSEE).
Source: National Center of Statistics and Economic Research (CNSEE).
Table 13.Republic of Congo: Electricity Generation, 1995–99(In millions of kilowatt-hours)
19951996199719981999

Prel.
National production443483366408196
Hydroelectric443483366408196
Thermal
Purchases from Zaire1472538127106
Total590508404535302
Source: National Electricity Company.
Source: National Electricity Company.
Table 14.Republic of Congo: Rail and River Traffic, 1995–99
19951996199719981999

Prel.
Rail transport
Passengers (millions of kilometers)302.0360.0235.0242.018.3
Freight (millions of kilometers)267.0289.0139.0135.0
Port activity 1/
Pointe-Noire
River ports
River transport 1/
Barges
Rafts
Passengers (thousands)
Source: Ministry of Transport and Civil Aviation.

No consistent data are available.

Source: Ministry of Transport and Civil Aviation.

No consistent data are available.

Table 15.Republic of Congo: Price Indices for the City of Brazzaville, 1995–99(Index, 1964 = 100, unless otherwise indicated)
Weight199519961997 1/1998 1/1999 1/

Prel.
High-income households
Foodstuffs0.51,165.91,218.5
Clothing0.11,245.91,440.2
Fuel and electricity0.1214.8222.1
Household services0.1393.0393.0
Other0.31,145.31,194.0
General index1,059.61,115.4
Percentage change from previous year15.65.3
Low-income households
Foodstuffs0.6282.9303.5378.4376.8394.8
Clothing0.0430.6431.7436.0419.1433.4
Beverages and tobacco0.1394.2416.5743.4456.8454.4
Construction and rent0.1355.9
Fuel and electricity0.1229.6413.6435.5448.1460.9
Health0.0377.2331.4324.3348.8374.4
Transportation and leisure0.1422.6520.8650.5547.4581.3
Other0.0396.5353.5352.5350.4345.7
General index 2/320.1352.8420.3403.7420.4
Percentage change from previous year 2/8.610.219.1−3.94.1
Source: National Center of Statistics and Economic Research (CNSEE).

No reliable data are available concerning prices of items consumed by high-income households.

Brazzaville consumer price index only; therefore data differ from the aggregate consumer price index for Brazzaville and Pointe Noire as included in the basic data table.

Source: National Center of Statistics and Economic Research (CNSEE).

No reliable data are available concerning prices of items consumed by high-income households.

Brazzaville consumer price index only; therefore data differ from the aggregate consumer price index for Brazzaville and Pointe Noire as included in the basic data table.

Table 16.Republic of Congo: Representative Retail Prices of Major Food Items in Brazzaville, 1995–99(CFA francs per kilogram; end of period)
19951996199719981999

Prel.
Manioc flour293295275320379
Corn340365392533598
Yams238347276304353
Sweet potatoes251572603974809
Sweet bananas292285380349571
Palm kernels177173253270387
Palm oil (per liter)519508564615715
Peanut oil (per liter)8427421099982922
Shelled peanuts584597711787861
Salt279284372414487
Beef, boneless1,5841,9652,5432,8432,816
Chicken1,7271,6232,1292,2482,192
Fresh fish (river)7738511,2961,4121,318
Smoked fish2,8703,3834,5213,8803,590
Source: National Center of Statistics and Economic Research (CNSEE).
Source: National Center of Statistics and Economic Research (CNSEE).
Table 17.Republic of Congo: Central Government Employment by Ministry, 1995–99(Number of Employees)
19951996199719981999

Prel.
Education22,78122,07821,66721,07020,382
Health and social affairs9,3809,0918,9228,6768,392
Rural economy3,9913,8683,7963,6923,571
Finance4,3624,2274,1494,0343,903
Interior1,6001,5511,5221,4801,432
Culture and sports1,9701,9091,8741,8221,763
Information1,4531,4081,3821,3441,300
Presidency1,2621,2231,2001,1671,129
Justice887859843820793
Foreign affairs1,0721,0391,019991959
Public works567549539524507
Defense and security15,67115,18814,90514,49414,021
Other5,6005,4275,3265,1795,010
Total70,59668,41767,14465,29363,162
Source: Congolese authorities.
Source: Congolese authorities.
Table 18.Republic of Congo: Central Government Financial Operations, 1995–99
19951996199719981999

Prel.
(In billions of CFA francs)
Revenue and grants260.0362.0387.7263.0390.6
Revenue249.3357.7386.3259.4384.3
Oil revenue131.0213.1296.9137.8275.6
Of which
Bonus39.435.433.60.00.0
Non-oil revenue118.4144.689.3121.7108.7
Domestic taxes56.169.543.178.076.4
Customs receipts47.858.335.034.821.7
Domestic petroleum taxes13.013.89.58.47.8
Nontax revenue1.53.01.80.42.8
Grants10.74.31.43.66.3
Expenditure and net lending346.6498.8511.2492.9475.4
Current expenditure315.0331.4464.6438.3386.3
Wage bill111.1106.0104.2102.4100.7
Other current expenditure50.657.4177.8175.0111.0
Material and supplies 1/9.612.2125.3107.351.1
Common charges12.815.127.035.433.6
Transfers28.230.125.532.226.4
Local authorities4.43.62.00.96.5
Interest148.9164.4180.6160.0168.1
Domestic6.89.614.611.517.3
External142.1154.8166.0148.5150.8
Capital expenditure31.6167.546.654.689.1
Domestically financed21.851.442.050.581.9
Externally financed9.8116.14.64.17.2
Net lending0.00.00.00.00.0
Primary balance51.723.355.7−73.476.9
Balance, commitment basis
Excluding grants−97.3−141.1−124.9−233.4−91.1
Including grants−86.6−136.8−123.5−229.8−84.8
Change in arrears206.7−261.0−57.1354.2294.6
External224.1−266.037.6338.3262.5
Domestic−17.44.9−94.715.932.1
Of which
Salaries16.8−11.418.130.626.1
(In billions of CFA francs)
Balance, cash basis120.1−397.9−180.6124.4209.8
Financing−120.1397.9180.6−124.4−209.8
Foreign (net)−149.4418.7149.4−152.7−177.1
Drawings6.3124.915.62.34.3
Project financing4.41.83.20.50.9
Nonproject financing1.913.112.42.33.4
Collateralized borrowing0.0110.00.00.00.0
Amortization due−222.2−180.2−245.4−268.2−258.8
Rescheduling obtained52.5322.5175.885.768.8
Debt cancellation14.0151.5203.327.78.6
Domestic (net)29.3−20.831.228.3−32.7
Banking system (net)4.85.831.712.4−21.9
Nonbank financing24.6−26.6−0.515.9−10.8
Sale of assets38.50.00.00.00.0
Cost of financial sector reforms 4/−7.4−9.50.00.0−2.3
Bond issues0.00.00.00.00.0
Cost of structural reforms−6.5−3.5−0.50.0−8.7
Exceptional oil receipts0.00.00.018.43.9
Domestic debt and other0.0−13.60.0−2.5−3.7
(In percent of GDP)
Revenue and grants24.627.928.622.928.6
Revenue23.627.528.522.628.1
Expenditure32.838.437.742.934.8
Current29.825.534.338.128.3
Capital3.012.93.44.76.5
Balance, commitment basis
Including grants−8.2−10.5−9.1−20.0−6.2
Excluding grants−9.2−10.9−9.2−20.3−6.7
Primary balance4.91.84.1−6.45.6
Memorandum items:(In billions of CFA francs, unless otherwise indicated)
GDP at current market prices1,056.21,299.71,355.71,150.11,365.3
Non-oil GDP at market prices698.7748.8689.0730.5673.0
Oil production (millions of tons)9.19.811.912.613.2
Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.
Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.
Table 19.Republic of Congo: Central Government Revenue, 1995–99(In billions of CFA francs)
19951996199719981999

Prel.
Revenue and grants260.0362.0387.7263.0390.6
Revenue249.3357.7386.3259.4384.3
Net fiscal oil receipts131.0213.1296.9137.8275.6
Fiscal oil receipts131.0250.1324.9155.6296.2
Taxes and exceptional revenue13.10.00.70.00.0
Royalties78.582.6105.072.9117.8
Production sharing/profit share115.0168.568.7165.3
Earmarked investment funds4.74.83.24.5
Bonus39.435.433.60.00.0
Yanga/Sendji share12.412.310.78.7
Deductions 1/−37.0−28.0−17.8−20.7
Non-oil revenue118.4144.689.3121.7108.7
Taxes56.169.543.178.076.4
Direct taxes26.739.333.839.042.0
Indirect taxes29.430.29.339.034.4
Customs receipts47.858.335.034.821.7
Domestic petroleum taxes13.013.89.58.47.8
Nontax revenue1.53.01.80.42.8
Grants10.74.31.43.66.3
Sources: Ministry of Economy, Finance, and the Budget; and staff estimates

Compensation to oil companies for services rendered to the government, e.g., the sale of crude oil accruing to the government under production-sharing contracts (contrats de partage).

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates

Compensation to oil companies for services rendered to the government, e.g., the sale of crude oil accruing to the government under production-sharing contracts (contrats de partage).

Table 20.Republic of Congo: Central Government Revenue Trends, 1995–99
19951996199719981999

Prel.
(In percent of GDP)
Revenue and grants24.627.928.622.928.6
Revenue23.627.528.522.628.1
Net fiscal oil receipts12.416.421.912.020.2
Fiscal oil receipts12.419.224.013.521.7
Taxes and exceptional revenue1.20.00.10.00.0
Royalties7.46.47.76.38.6
Production sharing/profit share8.812.46.012.1
Earmarked investment funds0.40.40.30.3
Bonus3.72.72.50.00.0
Yanga/Sendji share1.00.90.90.6
Fiscal deductions−2.8−2.1−1.5−1.5
Non-oil revenue11.211.16.610.68.0
Taxes5.35.33.26.85.6
Direct taxes2.53.02.53.43.1
Indirect taxes2.82.30.73.42.5
Customs receipts4.54.52.63.01.6
Domestic petroleum taxes1.21.10.70.70.6
Nontax revenue0.10.20.10.00.2
(In percent of non-oil GDP)
Revenue and grants37.248.356.336.058.0
Revenue35.747.856.135.557.1
Net fiscal oil receipts18.728.543.118.940.9
Fiscal oil receipts18.733.447.221.344.0
Taxes and exceptional revenue1.90.00.10.00.0
Royalties11.211.015.210.017.5
Production sharing/profit share15.424.59.424.6
Earmarked investment funds0.60.70.40.7
Bonus5.64.74.90.00.0
Yanga/Sendji share1.71.81.51.3
Fiscal deductions−4.9−4.1−2.4−3.1
(In percent of non-oil GDP)
Non-oil revenue16.919.313.016.716.2
Taxes8.09.36.210.711.4
Direct taxes3.85.24.95.36.2
Indirect taxes4.24.01.35.35.1
Customs receipts6.87.85.14.83.2
Domestic petroleum taxes1.91.81.41.11.2
Nontax revenue0.20.40.30.10.4
(In percent of oil GDP)
Oil revenue36.638.744.532.839.8
Royalties22.015.015.717.417.0
Taxes3.70.00.10.00.0
Bonus and other11.023.728.715.522.8
(Annual percentage change)
Revenue and grants12.839.27.1−32.148.5
Revenue13.243.58.0−32.848.1
Net fiscal oil receipts−5.762.739.3−53.6100.0
Non-oil revenue45.622.2−38.236.2−10.7
Taxes52.024.0−38.181.2−2.1
Customs receipts56.121.9−40.0−0.4−37.7
Domestic petroleum taxes25.96.2−31.2−11.8−6.8
Nontax revenue−57.5104.6−40.0−75.1523.6
(In percent of total revenue, excluding grants)
Net fiscal oil receipts52.559.676.953.171.7
Non-oil revenue47.540.423.146.928.3
Taxes22.519.411.130.119.9
Customs receipts19.216.39.113.45.6
Domestic petroleum taxes5.23.92.53.22.0
Nontax revenue0.60.80.50.20.7
Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.
Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.
Table 21.Republic of Congo: Central Government Expenditure Trends, 1995–99
19951996199719981999

Prel.
(In percent of GDP)
Noninterest current expenditure15.712.820.924.216.0
Total current expenditure29.825.534.338.128.3
Wages and salaries10.58.27.78.97.4
Goods and services0.90.99.29.33.7
Common charges1.21.22.03.12.5
Transfers and subsidies2.72.31.92.81.9
Local authorities0.40.30.10.10.5
Interest due14.112.613.313.912.3
(In percent of non-oil GDP)
Noninterest current expenditure23.822.341.238.132.4
Total current expenditure45.144.367.460.057.4
Wages and salaries15.914.215.114.015.0
Goods and services1.41.618.214.77.6
Common charges1.82.03.94.95.0
Transfers and subsidies4.04.03.74.43.9
Local authorities0.60.50.30.11.0
Interest due21.322.026.221.925.0
(In percent of total current expenditure)
Wages and salaries35.332.022.423.426.1
Other current expenditure17.418.438.740.130.4
Interest due47.349.638.936.543.5
(Annual percentage change)
Total current expenditure−5.55.240.2−5.7−11.9
Other current expenditure−22.50.570.1−2.0−21.6
Interest due25.110.49.8−11.45.0
Sources: Tables 2 and 18.
Sources: Tables 2 and 18.
Table 22.Republic of Congo: Monetary Survey, 1995–99
19951996199719981999

Prel.
(In billions of CFA francs)
Net foreign assets23.033.419.0−23.8−5.5
Central bank21.029.618.0−28.4−2.2
Deposit money banks2.13.91.04.6−3.3
Net domestic assets136.1150.7182.7199.7216.4
Net domestic credit183.0198.4237.5252.7246.0
Net credit to the public sector82.885.3116.2123.1102.6
Net credit to the government79.184.9116.6129.0107.0
Central bank64.968.5101.4111.8108.0
Claims80.892.5121.0123.1120.8
Statutory advances48.449.366.982.381.8
Use of IMF credit9.119.920.119.118.9
Consolidated credit23.323.334.021.720.0
Deposits15.924.019.611.312.8
Deposit money banks14.216.415.217.2−0.9
Claims on public agencies, net3.70.4−0.4−5.9−4.5
Credit to the economy 1/100.3113.1121.3129.6143.4
Other items, net−46.9−47.6−54.8−53.0−29.6
Broad money159.2184.2201.7175.9210.9
Currency outside banks81.687.493.373.3102.3
Demand deposits53.365.873.370.776.7
Time deposits24.331.035.131.931.9
(Changes in percent of beginning-of-period broad money)
Net foreign assets6.26.5−7.8−21.210.4
Net domestic assets−6.39.217.48.49.5
Net domestic credit7.89.621.27.5−3.8
Net credit to the government3.03.617.26.1−12.5
Credit to the economy5.88.14.54.17.8
Broad money−0.115.79.5−12.819.9
(Annual percent changes, unless otherwise indicated)
Credit to the economy10.112.87.36.810.6
Broad money−0.115.79.5−12.819.9
Currency outside banks17.47.16.8−21.539.7
Memorandum items:
Velocity
Total GDP/average M26.67.67.06.17.1
Non-oil GDP/average M24.44.43.63.93.5
Non-oil GDP/end-period M24.44.13.44.23.2
Total GDP growth7.523.14.3−15.218.7
Non-oil GDP growth8.77.2−8.06.0−7.9
Credit to the economy/non-oil GDP14.415.117.617.721.3
Statutory ceiling (in billions of CFA francs)42.449.368.577.351.9
Sources: Bank of Central African States (BEAC); and staff estimates.

Including public enterprises.

Sources: Bank of Central African States (BEAC); and staff estimates.

Including public enterprises.

Table 23.Republic of Congo: Summary Accounts of the Central Bank, 1995–99
19951996199719981999

Prel.
(In billions of CFA francs, unless otherwise indicated)
Net foreign assets21.029.618.0−28.4−2.2
Assets31.249.837.82.327.8
Liabilities−10.2−20.2−19.8−30.7−30.0
Net domestic assets68.066.890.3115.5116.2
Net credit to the government64.968.5101.4111.8108.0
Claims80.892.5121.0123.1120.8
Of which
Statutory advances48.449.366.982.381.8
Use of IMF credit9.119.920.119.118.9
Deposits15.924.019.611.312.8
Claims on deposit money banks4.33.75.07.27.0
Claims on nonbank institutions0.00.00.00.00.0
Other items, net−1.1−5.4−16.0−3.51.2
Reserve money at BEAC89.096.3108.387.1114.0
Currency outside banks81.687.493.373.3102.3
Banks’ reserves7.49.015.113.911.6
Deposits at BEAC3.25.39.02.94.5
Currency in vault4.23.76.110.97.2
Memorandum items:(In percent)
Reserve money/deposits114.799.599.984.9105.0
Reserve money/broad money55.952.353.749.554.1
Reserve money multiplier1.81.91.92.01.9
Reserve money annual growth9.18.312.5−19.630.8
Sources: Bank of Central African States (BEAC); and staff estimates.
Sources: Bank of Central African States (BEAC); and staff estimates.
Table 24.Republic of Congo: Summary Accounts of the Commercial Banks, 1995–99(In billions of CFA francs, unless otherwise indicated)
19951996199719981999

Prel.
Net foreign assets2.13.91.04.6−3.3
Assets16.217.416.616.322.2
Liabilities−14.2−13.5−15.6−11.7−25.6
Net domestic assets118.293.0107.498.1111.9
Net credit to the public sector17.916.814.811.3−9.9
Net credit to the government14.216.415.217.2−1.0
Claims22.325.723.926.9−1.5
Deposits−8.1−9.3−8.7−9.80.5
Net credit to public agencies3.70.4−0.4−5.9−8.9
Claims6.67.83.63.53.8
Deposits−2.9−7.4−4.1−9.3−12.7
Credit to private sector 1/100.3113.1121.3129.6143.4
Net credit from central bank3.25.310.16.74.6
Borrowing4.33.75.07.27.0
Reserves7.49.015.113.911.6
Deposits3.25.39.02.94.5
Currency in vault4.23.76.110.97.2
Other items, net−3.2−42.2−38.8−49.5−26.3
Liabilities to the private sector77.696.8108.4102.7108.5
Demand deposits53.365.873.370.776.7
Time deposits24.331.035.131.931.9
Sources: Bank of Central African States (BEAC); and staff estimates.

Including public enterprises.

Sources: Bank of Central African States (BEAC); and staff estimates.

Including public enterprises.

Table 25.Republic of Congo: Interest Rate Structure, 1995–2000(In percent per annum; end of period or date of change)
19951996 1/1997199819992000
Jan. 14May 15
Central bank rates
National treasury
Lending operations
Advances 2/8.007.757.507.007.607.307.00
Penalty 3/10.5010.2510.2510.2510.5010.5010.50
Borrowing operations
Special deposit (TDRS)4.502.753.002.753.153.253.30
Banking institutions
Lending operations
Prise en pension (TIPP) 4/10.759.759.509.009.609.309.00
Money market (TIAO) 5/6/8.607.757.507.007.607.307.00
Penalty (TP) 7/15.0015.0015.0015.0015.0015.0015.00
Borrowing operations
Special deposit (TDRS) 8/4.502.753.002.753.153.253.30
Money market (TISP) 5/9/
Certificates 7 days0.003.003.002.753.153.253.30
Certificates 28 days0.003.063.062.813.213.313.36
Certificates 84 days0.003.133.132.883.283.383.43
Commercial bank rates
Maximium lending rate (TDM) 10/16.0022.0022.0022.0022.0022.0022.00
Minimum deposit rate (TCM) 11/5.505.005.005.005.005.005.00
Source: Bank of Central African States (BEAC).

Since February 5, 1996, the BEAC has used certificates of investment (certificat deplacement—appels d’offres négatif) auctioned to eligible financial institutions at rates and in amounts determined by the Governor of the BEAC; it has also extended access to the money market to selected nonbank financial institutions, monitored the publication of prime lending rates by commercial banks (taux de base bancaire), set maximum lending rate at penalty rates plus 700 points, and limited the application of minimum deposit rates to passbook saving deposits of less than CFAF 5 million.

Rates apply to advances to national treasuries in the BEAC zone within the central bank’s statutory ceilings.

Rates apply to advances to national treasuries in the BEAC zone above the central bank’s statutory ceilings.

Rates apply to direct access to central bank credit subject to the provision of acceptable collateral. Rates are set at 100-300 basis points above the money market rates.

The financial institutions admitted to the money market currently are the BIDC, UCB, BGFI, CAIC, and MUCODEC.

The rates are administered by the BEAC and apply to lending operations through auctions in the money market (positive auctions) since July 1, 1994.

Penalty rates apply to nonreimbursed advances in the money market, or as a sanction on individual banking institutions.

Rates apply to free reserves in addition to required reserves deposited with the central bank. Remuneration of free reserves was discontinued on February 5, 1996 after the introduction of certificates of investment.

The rates are administered by the BEAC and apply to certificates of investment offered in the money market since February 5, 1996.

TDM, taux debiteur maximum.

TCM, taux créditeur minimum. Rates apply to small savings deposits only.

Source: Bank of Central African States (BEAC).

Since February 5, 1996, the BEAC has used certificates of investment (certificat deplacement—appels d’offres négatif) auctioned to eligible financial institutions at rates and in amounts determined by the Governor of the BEAC; it has also extended access to the money market to selected nonbank financial institutions, monitored the publication of prime lending rates by commercial banks (taux de base bancaire), set maximum lending rate at penalty rates plus 700 points, and limited the application of minimum deposit rates to passbook saving deposits of less than CFAF 5 million.

Rates apply to advances to national treasuries in the BEAC zone within the central bank’s statutory ceilings.

Rates apply to advances to national treasuries in the BEAC zone above the central bank’s statutory ceilings.

Rates apply to direct access to central bank credit subject to the provision of acceptable collateral. Rates are set at 100-300 basis points above the money market rates.

The financial institutions admitted to the money market currently are the BIDC, UCB, BGFI, CAIC, and MUCODEC.

The rates are administered by the BEAC and apply to lending operations through auctions in the money market (positive auctions) since July 1, 1994.

Penalty rates apply to nonreimbursed advances in the money market, or as a sanction on individual banking institutions.

Rates apply to free reserves in addition to required reserves deposited with the central bank. Remuneration of free reserves was discontinued on February 5, 1996 after the introduction of certificates of investment.

The rates are administered by the BEAC and apply to certificates of investment offered in the money market since February 5, 1996.

TDM, taux debiteur maximum.

TCM, taux créditeur minimum. Rates apply to small savings deposits only.

Table 26.Republic of Congo: Balance of Payments, 1995–99
19951996199719981999

Prel.
(In billions of CFA francs)
Trade balance259.2499.5547.2348.7644.1
Exports f.o.b.585.3799.9926.0678.81,022.2
Oil sector496.5702.9846.7583.3939.8
Non-oil sector88.896.979.395.582.4
Imports f.o.b.−326.1−300.4−378.7−330.1−378.1
Oil sector−244.1−101.3−72.2−108.4−115.0
Government−12.9−52.0−153.7−83.1−110.0
Non-oil private sector−69.2−147.1−152.8−138.6−153.1
Services, net−435.0−802.3−821.4−790.4−884.0
Of which
Interest on public debt−143.1−155.3−166.9−148.9−151.1
Profit remittances−160.3−226.2−210.8−4.8−191.0
Balance of goods and services−175.8−302.8−274.2−441.7−239.9
Transfers, net9.92.3−1.0−2.7−1.7
Private−0.8−2.0−2.4−6.3−8.0
Oil sector4.80.00.10.02.0
Non-oil sector−5.6−2.0−2.4−6.3−10.0
Public transfers10.74.31.43.66.3
Current account
Excluding public transfers−176.6−304.8−276.6−448.0−247.9
Oil sector−155.851.5212.529.5247.8
Non-oil sector−20.8−356.3−489.0−477.5−495.8
Including public transfers−165.9−300.5−275.2−444.4−241.6
Capital account−121.4101.1−153.2−53.6−72.1
Medium- and long-term capital−127.6268.5−135.5−93.6−305.5
Public−215.9−55.3−229.8−266.0−254.5
Drawings6.3124.915.62.34.3
Project4.41.83.20.50.9
Program1.913.112.42.33.4
Other (collateralized)0.0110.00.0−0.50.0
Amortization−222.2−180.2−245.4−268.2−258.8
Direct investment13.5300.284.6176.4−87.2
(In billions of CFA francs)
Private debt74.723.69.6−4.036.3
Drawings159.8169.663.9170.246.3
Amortization−85.0−146.0−54.2−174.2−10.0
Short-term capital6.2−167.4−17.740.0233.4
Oil sector114.3103.834.60.672.6
Non-oil sector, including errors and omissions−108.1−271.2−52.339.4160.8
Overall balance−287.3199.4−428.4−498.0−313.7
Financing287.3199.4428.4498.0313.7
Central bank net foreign assets (increase -)−3.2−8.611.646.4−26.2
IMF, net−1.110.3−1.3−0.5−2.6
Purchases0.010.30.05.80.0
Repurchases−1.10.0−1.3−6.3−2.6
Other assets, net (increase -)−2.1−18.912.946.9−23.6
Arrears (reduction -)224.1−266.037.6338.3262.5
Debt rescheduling52.5322.5175.885.768.8
Debt cancellation14.0151.5203.327.78.6
Memorandum items:(In percent of GDP, unless otherwise indicated)
Current account
Excluding public transfers−16.7−23.5−20.4−39.0−18.2
Oil sector−14.84.015.72.618.2
Non-oil sector−2.0−27.4−36.1−41.5−36.3
Including public transfers−15.7−23.1−20.3−38.6−17.7
Capital account−11.57.8−11.3−4.7−5.3
Gross reserves (in billions of CFA francs)31.249.837.82.327.8
In months of imports of goods1.12.01.20.10.9
GDP (in billions of CFA francs)1,056.21,299.71,355.71,150.11,365.3
CFA francs/U.S. dollar (average)499.1511.6583.7590.0614.9
CFA francs/U.S. dollar (end of period)490.0523.7598.8562.2653.0
Sources: Bank of Central African States (BEAC); and staff estimates.
Sources: Bank of Central African States (BEAC); and staff estimates.
Table 27.Republic of Congo: Balance of Payments of the Oil and Non-Oil Sectors, 1995–99
19951996199719981999
Oil sectorNon-oil sectorOil sectorNon-oil sectorOil sectorNon-oil sectorOil sectorNon-oil sectorOil sectorNon-oil sector
(In billions of CFA francs)
Trade balance252.46.7601.6−102.2774.5−227.2474.8−126.1824.8−180.7
Exports, f.o.b.496.588.8702.996.9846.779.3583.395.5939.882.4
Imports, f.o.b.−244.1−82.1101.3−199.1−72.2−306.5−108.4−221.7−115.0−263.1
Services, net−413.0−22.0−546.7−255.6−560.1−261.3−444.7−345.7−579.0−305.0
Credit0.631.14.630.93.349.31.262.90.065.4
Debit−412.4−205.8−551.3−286.5−563.4−310.6−445.9−408.6−579.0−370.4
Interest, dividends−194.9−156.8−291.4−177.5−274.0−174.9−78.4−154.9−312.4−162.0
Transportation-48.9−31.1−4.5−48.2−3.1−55.2−31.9−61.2−58.3−29.8
Insurance−23.7−1.3−12.9−10.4−13.4−12.1−27.5−25.2−11.5−26.3
Other private services−144.9−16.6-242.5−50.4−272.8−68.5−308.1−167.3−196.8−152.3
Balance of goods and services−160.6−15.354.9−357.8214.4−488.530.1−471.9245.8−485.8
Transfers, net4.85.10.02.30.1−1.00.0−2.72.0−3.7
Current account (including public transfers)−155.8−10.255.0−355.5214.4−489.630.1−474.5247.8−489.5
Capital account195.0−316.4290.7−189.6109.3−262.5188.1−241.711.4−83.5
Medium- and lone-term capital80.7−208.3186.981.674.7−210.1187.5−281.2−61.2−244.2
Drawings151.36.312.2124.90.915.6161.72.3108.04.3
Amortization−45.7−222.2−125.5−180.2−10.9−245.4−150.6−268.2−7.0−258.8
Other−25.07.6300.2136.984.619.7176.4−15.2−162.210.3
Short-term capital, net114.3−108.1103.8−271.234.6−52.30.639.572.6160.8
Overall balance39.2−326.6345.7−545.2323.7−752.0218.2−716.2259.2−572.9
Memorandum items:(In percent of GDP. unless otherwise indicated)
Exports47.08.454.17.562.55.850.78.368.86.0
Imports−23.1−7.8−7.8−15.3−5.3−22.6−9.4−19.3−8.4−19.3
Services, net−39.1−2.1−42.1−19.7−41.3−19.3−38.7−30.1-42.4−22.3
Current account−14.8−1.04.2−27.415.8−36.12.6−41.318.2−35.8
Capital account18.5−30.022.4−14.68.1−19.416.4−21.00.8−6.1
Overall balance (in percent)3.7−30.926.6−41.923.9−55.519.0−62.319.0−42.0
Sources: Bank of Central African States (BEAC); and staff estimates.
Sources: Bank of Central African States (BEAC); and staff estimates.
Table 28.Republic of Congo: Composition of Exports, 1995–99 1/(In billions of CFA francs, unless otherwise indicated)
19951996199719981999

Prel.
Total exports, f.o.b.585.3799.9926.0678.81,022.2
Oil496.5702.9846.7583.3939.8
Non-oil88.896.979.395.582.4
Crude oil480.5691.6836.6578.5935.1
Volume (millions of tons)8.79.511.512.312.8
Unit value (CFA francs/ton)53.472.872.547.273.2
WEO oil price (U.S. dollars/barrel)17.220.419.313.118.1
Congolese oil export price (U.S. dollars/barrel)15.120.117.611.316.8
Refined products11.56.65.60.00.0
Volume (millions of tons)0.20.20.10.00.0
Unit value (CFA francs/ton)70.144.070.027.253.2
Wood52.359.944.457.643.6
Volume (thousands of cubic meters)542.2774.4722.9830.3614.9
Unit value (CFA francs/cubic meter)96.5167.9166.9164.4151.7
Sugar7.45.75.56.07.7
Volume (tons)21.321.733.027.627.0
Unit value (CFA francs/kilogram)192.5262.7166.7217.0283.9
Other, value33.636.033.936.735.9
Industrial products6.57.36.67.57.2
Miscellaneous goods27.128.727.329.228.6
Of which
Other exports by petroleum companies4.54.74.54.84.7
Sources: Congolese authorities; and staff estimates.

Due to different recording methods, differences exist with comparable data in Table 26.

Sources: Congolese authorities; and staff estimates.

Due to different recording methods, differences exist with comparable data in Table 26.

Table 29.Republic of Congo: Services and Transfers, 1995–99 1/(In billions of CFA francs)
19951996199719981999

Prel.
Services, net−435.0−802.3−821.4−790.4−884.0
Of which
Interest on public debt−143.1−155.3−166.9−148.9−151.1
Profit remittances−160.3−226.2−210.8−4.8−191.0
Nonfactor services−236.8−339.2−376.5−558.4−409.7
Credit29.729.748.762.965.4
Debit−266.5−368.9−425.1−621.3−475.1
Factor services−198.2−463.1−445.0−232.0−474.4
Credit2.25.83.91.20.0
Debit−200.4−468.9−448.9−233.3−474.4
Nonfactor services−236.8−339.2−376.5−558.4−409.7
Oil−217.5−259.9−289.4−367.6−266.6
Non-oil−19.3−79.3−87.1−190.8−143.0
Factor services−198.2−463.1−445.0−232.0−474.4
Oil−195.5−290.2−272.7−77.8−312.4
Non-oil−2.7−172.8−172.3−154.2−162.0
Credit31.935.552.664.165.4
Interest, dividends0.82.32.00.60.0
Oil−0.61.11.40.60.0
Non-oil1.41.20.60.00.0
Wages and salaries1.43.51.90.70.0
Oil0.00.00.00.00.0
Non-oil1.43.51.90.70.0
Transportation16.09.328.27.60.0
Insurance0.00.10.10.80.8
Travel6.95.46.15.15.1
Other6.814.814.349.459.5
Debit−466.9−837.8−874.0−854.5−949.5
Factor payments−200.4−468.9−448.9−233.3−474.4
Public−143.1−155.3−166.9−148.9−151.1
Private−57.3−313.5−282.0−84.4−323.3
Oil−194.9−291.4−274.0−78.4−312.4
Oil profit remittances−160.3−226.2−210.8−4.8−191.0
Wages and salaries−10.8−14.5−15.3−16.3−17.8
Interest−23.8−50.7−47.9−57.3−103.6
Non-oil (interest)−13.7−22.2−8.0−6.0−10.9
Transportation−80.0−52.7−58.3−93.1−88.1
Oil−48.9−4.5−3.1−31.9−58.3
Non-oil−31.1−48.2−55.2−61.2−29.8
Insurance−25.0−23.3−25.5−52.8−37.8
Oil−23.7−12.9−13.4−27.5−11.5
Non-oil−1.3−10.4−12.1−25.2−26.3
Travel (non-oil)−9.7−39.9−38.1−31.6−21.6
Other private services−151.7−253.0−303.2−443.8−327.5
Oil−144.9−242.5−272.8−308.1−196.8
Non-oil−6.8−10.5−30.4−135.6−130.7
Balance of goods and services−175.8−302.8−274.2−441.7−239.9
Transfers (net)9.92.3−1.0−2.7−1.7
Private−0.8−2.0−2.4−6.3−8.0
Oil sector4.80.00.10.02.0
Non-oil sector−5.6−2.0−2.4−6.3−10.0
Public10.74.31.43.66.3
Current account
Excluding public transfers−176.6−304.8−276.6−448.0−247.9
Including public transfers−165.9−300.5−275.2−444.4−241.6
Sources: Bank of Central African States (BEAC); and staff estimates.

Data compiled on the basis of the fourth edition of the Balance of Payments Manual.

Sources: Bank of Central African States (BEAC); and staff estimates.

Data compiled on the basis of the fourth edition of the Balance of Payments Manual.

Table 30.Republic of Congo: External Trade Indices, 1995–99(1990=100, unless otherwise indicated)
19951996199719981999

Prel.
Total exports, f.o.b.154.8211.6244.9179.6270.4
Oil164.2232.5280.0192.9310.8
Non-oil117.4128.1104.8126.2108.9
Crude oil173.9250.3302.8209.4338.5
Volume (millions of tons)116.8127.9155.5165.1172.1
Unit value (thousands of CFA francs/ton)143.4195.7194.8126.9196.7
WEO oil price (U.S. dollars/barrel)77.892.487.459.382.3
Congolese oil export price (U.S. dollars/barrel)78.7104.991.558.987.7
Refined products119.668.758.30.00.0
Volume (millions of tons)50.946.524.80.00.0
Unit value (millions of CFA francs/ton)235.2147.7234.991.3178.5
Wood118.9136.2100.9130.999.0
Volume (thousands of cubic meters)46.967.062.671.953.2
Unit value (thousands of CFA francs/cubic meter)253.6441.5438.8432.3398.9
Sugar395.7304.8294.2320.3410.6
Volume (tons)118.3120.6183.3153.3150.3
Unit value (CFA francs/kilogram)185.3252.9160.5208.9273.3
Other, value72.677.873.279.477.5
Industrial products3,093.53,475.83,136.93,591.53,449.2
Miscellaneous goods58.862.359.263.462.1
Of which
Other exports by petroleum companies27.128.827.329.228.7
Sources: Congolese authorities; and staff estimates.
Sources: Congolese authorities; and staff estimates.
Table 31.Republic of Congo: External Public Debt and Debt Service, 1995–99
19951996199719981999

Prel.
(In billions of CFA francs)
Total medium and long-term debt outstanding2,775.82,758.12,982.43,041.43,357.0
Of which
Arrears907.0641.0678.61,016.91,279.4
Total medium- and long-term debt outstanding (excluding IMF)2,766.72,738.22,962.33,022.23,338.1
Multilateral342.1341.3348.4356.3397.9
Paris Club creditors1,610.71,469.11,730.41,805.61,960.5
Other official creditors108.2113.4137.9141.1163.9
Of which
Russia 1/3.23.50.00.00.0
Commercial banks434.9435.2333.7330.3347.3
Collateralized debt211.7319.6351.9330.7353.1
Other private creditors59.259.760.058.2115.3
Outstanding IMF credit9.119.920.019.218.9
Debt service due366.4335.5413.6423.4412.5
Principal223.4180.2246.7274.5261.4
Interest143.1155.3166.9148.9151.1
Multilateral (including IMF)43.425.543.049.446.5
Bilateral262.3266.9277.8270.9251.1
Commercial banks2.80.30.10.03.8
Collateralized debt53.132.798.1100.9102.9
Suppliers’ credits4.94.5−6.60.56.4
Debt service on new borrowing0.05.61.21.61.8
Debt service to Russia0.00.30.30.00.0
Debt rescheduling52.5322.5175.885.768.8
Debt service52.5134.978.653.055.9
Arrears0.0187.697.232.712.9
Debt cancellation14.0151.5203.327.78.6
Debt service due after debt relief299.9109.0268.0342.7348.0
Principal181.652.0158.1200.9197.0
Interest118.356.9109.9141.9151.0
Memorandum items:(In percent, unless otherwise indicated)
External public debt/GDP
Including IMF262.8212.2220.0264.4245.9
Excluding IMF261.9210.7218.5262.8244.5
External public debt/exports
Including IMF451.3332.5306.0410.1308.7
Excluding IMF449.9330.1303.9407.5306.9
Debt service ratio/exports
Before relief59.640.442.457.137.9
After relief48.813.127.546.232.0
Debt service payments/government receipts
Before relief147.093.8107.1163.2107.4
After relief120.330.569.4132.190.6
Debt service payments/non-oil GDP
Before relief52.444.860.058.061.3
After relief42.914.638.946.951.7
Net transfer of resources/GDP−5.6−4.71.5−0.9−4.5
Sources: Caisse Congolaise d’Amortissement; and staff estimates.

Debt to Russia is included in “Paris Club” from 1998.

Sources: Caisse Congolaise d’Amortissement; and staff estimates.

Debt to Russia is included in “Paris Club” from 1998.

Table 32.Republic of Congo: Exchange Rate Indices, 1995–2000(1990=100)
Real Effective

Exchange Rate
Nominal Effective

Exchange Rate
199590.0365.64
I93.3966.29
II95.5066.74
III98.1767.15
IV
1996100.5866.92
I104.2966.44
II104.2466.65
III103.6066.32
IV
1997103.3065.12
I107.2964.49
II125.3063.68
III132.3065.17
IV
1998125.6864.94
I119.5465.33
II115.4566.10
III124.7766.50
IV
1999123.8865.97
I124.1764.85
II121.6064.56
III120.1763.97
IV
2000119.6862.93
I118.6562.02
II
Source: IMF, Information Notice System.
Source: IMF, Information Notice System.
APPENDIX: Republic of Congo; Summary of Tax System, 2000
TaxesScopeExemptionsRateTaxable Base
1. Taxes on income
1.1 Personal income tax (impôrt sur le revenu des personnes physiques (IRPP)).Individuals, irrespective of nationality, resident in Congo for tax purposes and individuals not domiciled in Congo but earning income there.Individuals whose net income is less than CFAF 265,000.
Income (CFA francs)Rate (Percent)
265,000<800,00015
800,000<2,500,00030
2,500,000<8,000,00045
Over 8,000,00050
Income split system, with a maximum of 6.5 shares; the taxpayer’s family situation is taken into account splitting income into parts (quotient familial); one part for the taxpayer; one part for the spouse; and one-half of a part for each dependent child up to a limit of nine.
1.1.1 Real estate income tax (impôrt sur les revenus fanciers).Income from improved or unimproved property; fees pertaining to rights of ownership.Real estate not leased, or occupied free of charge by descendants or forebears.Rents collected, with a deduction of 30 percent.
1.1.2 Tax on wages, salaries, pensions, and annuities (impôrt sur les traitements, salaires, pensions et rentes viagères).Salaries, allowances, remittances, gratuities, wages, fees, pensions, and annuities.Allowances intended to defray expenses related to a job or employment, family allowances, unemployment benefits, and war pensions.Income collected with a lump-sum deduction of 20 percent.
1.1.3 Tax on industrial, commercial, and agricultural earnings (impôrt sur les bénéfices industrials, commerciaux et agricoles).Profits from commercial, industrial, artisanal, or agricultural operations.Profits from a new entity (enterprise or plantation).Net profit = difference between net asset value at the beginning and end of the period. Presumptive earnings for those taxpayers with turnover not exceeding the following limits: CFAF 60 million for sales and CFAF 20 million for the rendering of services.
1.1.4 Tax on profits from independently operating professionals (impôrt sur les bénéfices des professions non commercials).Income earned by attorneys, notaries/solicitors, architects, etc.Profit = surplus of total receipts over business expenses. Profit calculated with a lumpsum deduction for those taxpayers whose total gross income is less than CFAF 8 million.
1.1.5 Tax on compensation earned by directors with majority shareholdings (impôrt sur les rémunérations des gérants majoritaires).Salaries and lump-sum payments granted to directors (with majority shareholdings) of limited liability corporations (SARLs) or the managers of limited equity partnerships.Compensation earned after deduction of business-operating expenses actually incurred by the beneficiary.
1.1.6 Investment income tax (impôrt sur les revenus des capitaux mobiliers).Proceeds from stocks, shares, bonds, deposits, other claims, and profit-sharing schemes.Income from agricultural credit unions. Interest on treasury securities.The entire amount of income distributed or earned.
1.1.7 Capital gains tax on real estate (impôrt sur les plus-values immobilières).Capital gains realized upon the sale or exchange of real estate, whether improved or unimproved.Difference between the sales price and the purchase price/ construction cost with a deduction of 3 percent (unimproved property) or 5 percent (improved property).
1.2 Corporate income tax (impôrt sur les sociétés).Business corporations, cooperatives, and public entities and government agencies with financial autonomy; commercial activities of noncommercial companies and private clubs.Consumer cooperatives, agricultural guilds, public low-cost housing providers, and agricultural credit unions, etc.45 percent, with the exception of 36.4 percent for forestry companies and 49 percent for foreign-owned companies.Taxable profits.
1.3 Withholding tax on income from securities (impôrt sur le revenu des valeurs mobilières). This tax represents an advance payment on the IRPP category of “investment income.”Dividends and other income from equities; interest and profits from shares in partnerships.Income from government securities; shares in partnerships subject to real estate tax.20 percent, 22 percent, or 30 percent, depending on the type of income involved.Distributed earnings.
1.4 Tax on real estate income (taxe immobilière sur les loyers). This tax is deductible from the IRPP.Income from improved or unimproved property.Embassies.One-twelfth of rents.Rents falling due during the year.
2. Indirect taxes
2.1 Value added tax (VAT) (taxe sur la valeur ajoutée).Individuals or legal entities, including government entities engaging in taxable operations, i.e., operations associated with a business activity.Sale of locally produced items by farmers, fishermen, etc.; sale of philatelic items (figurines postales), etc.; printing and importing of newspapers; works of art; social, medical, or educational services; and basic necessities.Normal rate; 18 percent; reduced rate: 8 percent for imported essential goods, and zero rate for exports, international transportation, and the eucalyptus sector.Sales value of nonexempted items, with tax credit for purchased inputs. Customs value plus duties and taxes assessed by customs, including excises.
2.2 Excises (droits d’accises).Tobacco, alcohol, jewelry, worked gold, passenger cars, and consumer electronics.All other goods and all services.24 percent.Same tax base as the VAT.
2.3 VAT surtax (centimes additionnels).All goods and services subject to the VAT.Goods and services exempt from the VAT.5 percent.VAT assessed on goods and services.
2.4 Special tax on companies (taxe spéciale sur les sociétés); this tax is deductible from the corporate income tax.Business corporations, limited liability corporations, and limited equity partnerships.Same exemptions and waivers as with the corporate income tax.2 percent.Overall turnover, including miscellaneous income and profits.
2.5 Tax on insurance policies (taxe sur les controls d’assurance).Insurance companies.Reinsurance operations, insurance covering export credits, and insurance policies exempt from stamp tax and registration fees.3 percent, 5 percent, 8 percent, or 20 percent depending on the type of policies underwritten.Amounts payable to the insurer.
3. Taxes on professional activities
3.1 Business license tax (contribution des patentes).Individuals or legal entities engaging in an industrial, commercial, noncommercial, or artisanal activity.The state, municipalities, and provident funds; partners in partnerships, business corporations, etc.; public or private institutions caring for poor children; painters, sculptors, etc.; and holders of mining concessions, etc.Fixed duties and/or variable rates depending on the activity, equipment, personnel, etc.Activity engaged in, equipment used, or number of employees.
3.2 Liquor license tax (contribution des licences).Individuals or legal entities engaged in the sale of alcoholic beverages.Sale of nonalcoholic beverages.Amount varies according to the license category.
3.3 Special tax on importers (taxe spéciale importateur).Parties subject to the business license tax engaging in imports of goods for domestic use.Amount varies according to the items imported.
3.4 Tax on the rental value of business premises (taxe sur la valeur locative des locaux professionals).Business establishments.Establishments temporarily exempted from the business license tax. Establishments not used for the practice of a professional activity.15 percent.Rent paid. Rental value.
4. Taxes on property
4.1 Tax on improved property (contribution foncière des propriétés bâties).Developed property built on masonry foundations; uncultivated land for commercial or industrial use; and equipment belonging to establishments permanently attached to the ground.Real estate owned by central or local government; buildings reserved for public worship; buildings reserved for education, athletic purposes, etc; and rural farm buildings, etc.15-20 percent.Rental value less 25 percent for properties used for business purposes. Land registry value less 25 percent in the case of properties used for business purposes.
4.2 Tax on unimproved property (contribution foncière des propriétés non bâties).Miscellaneous undeveloped properties.Roads, streets, and thoroughfares; property owned by central or local government; and surface area of mines or tracks, etc.50 percent of the land registry value. Lumpsum market value for unimproved rural properties.
4.3 Tax on company passenger cars (taxe sur les véhicules de tourisme des sociétés).Entities subject to the corporate income tax.Passenger cars that are more than 10 years old.CFAF 70,000.
4.4 Land tax (taxe sur les terrains).Common land. Land undeveloped or insufficiently developed. Unutilized land.Land exempt from real estate tax; land not served by passable roads; and land on which construction is legally prohibited.Fixed tax assessed on the basis of the type of land in question.Surface area of the land.
5. Payroll taxes
5.1 Lump-sum payroll tax (taxe forfaitaire). Payable on the same due dates as the IRPP.Employers and payers of annuities.The state, diplomatic missions, local offices of international agencies, wages earned by the spouse of the individual smallholder, and financially independent government agencies.5 percent on total wages; 4 percent on the fraction exceeding 1,500,000 per employee per year.Gross amount of wages; and benefits in kind.
Source: General Directorate of Taxes, Ministry of Economy, Finance, and the Budget.Note: The personal income tax (item 1.1), the corporate income tax (item 1.2), and the VAT (item 2.1) generate about 90 percent of tax revenue.
Source: General Directorate of Taxes, Ministry of Economy, Finance, and the Budget.Note: The personal income tax (item 1.1), the corporate income tax (item 1.2), and the VAT (item 2.1) generate about 90 percent of tax revenue.

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