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🇨🇩 DR Congo /Economy & Trade

Government grants debtors 30 days to repay $350 million owed to the state

From Radio Okapi · () French

Translated from French, summarized and contextualized by DistantNews.

At a glance

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  • The interim Minister of Industry, Justin Kalumba Mwana-Ngongo, has given debtors of the Fund for Industrial Promotion (FPI) 30 days to settle nearly $350 million USD owed to the state.
  • This initiative aims to end repayment delays for public funds and recover resources essential for financing new industrial projects across the Democratic Republic of Congo.
  • Failure to comply within the deadline will result in forced recovery measures and legal action against debtors.

The interim Minister of Industry, Justin Kalumba Mwana-Ngongo, has issued a stern call to companies and individuals indebted to the Fund for Industrial Promotion (FPI). They have been granted a 30-day ultimatum, starting August 3, to regularize their financial standing concerning nearly $350 million USD in outstanding claims.

We have found a portfolio of nearly $350 million that is in arrears in terms of recovery at the FPI. We have given all debtors 30 days to contact the FPI to be able to pay.

— Justin Kalumba Mwana-NgongoAnnouncing the 30-day ultimatum for debtors.

Kalumba stated that the government is determined to put an end to the persistent delays in repaying public funds disbursed by the FPI. "We have found a portfolio of nearly $350 million that is in arrears in terms of recovery at the FPI. We have given all debtors 30 days to contact the FPI to be able to pay," he declared. These recovered funds are deemed indispensable for financing new industrial ventures throughout the country, including feasibility studies and the establishment of industrial units.

This recovery will help us finance feasibility studies, but also the establishment of our industrial units.

— Justin Kalumba Mwana-NgongoExplaining the purpose of the recovered funds.

The minister urged debtors to voluntarily approach the FPI to negotiate repayment schedules and demonstrate good faith. "Go to the FPI, show your good faith by paying a portion and get an installment plan for the rest," he exhorted. This proactive step, he clarified, will help debtors avoid legal proceedings once the grace period expires.

Go to the FPI, show your good faith by paying a portion and get an installment plan for the rest.

— Justin Kalumba Mwana-NgongoEncouraging debtors to negotiate repayment terms.

However, Kalumba issued a stark warning: upon the expiration of the 30-day deadline, the cases of debtors who have not regularized their situation will be transferred to the relevant authorities for the implementation of government-decided measures. "Forced recovery will begin after these 30 days... We will be merciless," he vowed. This operation is part of a broader government effort to strengthen public resource mobilization and combat what the minister described as a "culture of impunity," thereby supporting the financing of industrial development in the Democratic Republic of Congo.

Forced recovery will begin after these 30 days… We will be merciless.

— Justin Kalumba Mwana-NgongoWarning of consequences for non-compliance.
DistantNews Editorial

Originally published by Radio Okapi in French. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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