Arab Today, arab today republic of congo economy hit hard by drop in oil prices
Last Updated : GMT 20:43:36
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

 



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
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Sheraton Grand Hotel reveals its deals

GMT 12:20 2017 Monday ,25 September

Sheraton Grand Hotel reveals its deals
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iraq Kurds in historic independence vote

GMT 15:20 2017 Monday ,25 September

Iraq Kurds in historic independence vote
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Chevrolet's first 9-speed auto debuts

GMT 18:58 2017 Monday ,25 September

Chevrolet's first 9-speed auto debuts
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:02 2017 Sunday ,24 September

Harry visits mental health hospital

GMT 11:11 2017 Sunday ,24 September

The dark side of new tourism hope

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
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