Arab Today, arab today republic of congo economy hit hard by drop in oil prices
Last Updated : GMT 12:16:52
Arab Today, arab today
Arab Today, arab today

Republic of Congo economy hit hard by drop in oil prices

Arab Today, arab today

Arab Today, arab today Republic of Congo economy hit hard by drop in oil prices

Congo flag
Brazzaville - XINHUA

The financial crisis that has been precipitated by a drop in prices of oil, the main source of revenue for the Republic of Congo, has hit the country's economy hard, with the stoppage of construction works as well as job layoffs.

The situation which has mostly affected petroleum companies as well as construction firms, has led to a sharp rise in inflation rates.

"Employees of SONAREP petroleum company are entering a second month without salaries, while those working on Mengo-Kundi-Bindi project are going into the sixth month without salaries," a company employee who did not wish to be named told Xinhua.

The sector contributes over 90 percent of the country's exports, 75 percent of public revenue and accounts for 60 percent of the Gross Domestic Product.

The impact of petroleum crisis on the Republic of Congo, the fourth oil producer in Sub-Saharan Africa, is being felt across the country.

For sometime, work on several infrastructure projects has been stopped despite assurances by the government to proceed with its development plan in the sector.

Companies in road construction sector have been particularly affected by the work stoppage.

In Brazzaville, the degradation of main streets is enough evidence of lack of funding to rehabilitate them.

The worrying situation has alarmed some countries whose companies are partnering with the Republic of Congo in infrastructure construction.

Speaking recently at his farewell party in the Republic of Congo, France's Ambassador to Brazzaville Jean Pierre Vidon alerted the Congolese authorities on this situation of non-payment of French companies which were currently experiencing financial difficulties.

To address the challenge, the French diplomat called for opening of dialogue between the French firms and the concerned authorities to find a compromise on the situation.

For the first time in years, the Republic of Congo is susceptible to experiencing a financial recession that might worsen if not checked.

The long term prospects for Republic of Congo's risk status will depend on the developments in the global oil prices and the government's capacity to accelerate the process of economic diversification.

Due to the economic environment characteriZed by a drop in oil prices, the World Bank recently urged the Congolese government to rationalize public investments in high potential sectors such as agriculture to support its economy.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today republic of congo economy hit hard by drop in oil prices Arab Today, arab today republic of congo economy hit hard by drop in oil prices

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today republic of congo economy hit hard by drop in oil prices Arab Today, arab today republic of congo economy hit hard by drop in oil prices

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday