Statement by HE Barnabe Kikaya bin Karubi, DRC Ambassador of the Democratic Republic of the Congo to the UK:

Statement by HE Barnabe Kikaya bin Karubi, DRC Ambassador of the Democratic Republic of the Congo to the UK: PR Newswire LONDON, December 17, 2012 LONDON, December 17, 2012 /PRNewswire/ -- "The International Monetary Fund (IMF) decision to suspend its loan to the Democratic Republic of Congo (DRC) is a deeply upsetting development. We have worked closely with the IMF for many years to cancel our debt, which was mainly racked up by the corrupt Mobutu regime. In doing so, our Government has established a strong working relationship with the IMF. Together, we designed a government economic program that would comply with all the conditions required to qualify for the cancellation of that debt under the Highly Indebted Poor Countries program. When that was achieved we embarked on an economic program that would allow the country to move forward after years of decay and civil wars. Much economic progress has been realised despite difficult circumstances: between 2009 and 2012 the overall annual growth of our economy went from 2.8% to 7.2%. The inflation rate was brought down from 46% to 3%. The Congolese Franc is stable. Direct private investments are on the rise. Public revenue as well as the national wealth has doubled. The government has introduced a VAT that has helped the tax system for companies. The DRC has joined the OHADA, the African Organisation for the harmonisation of Business Laws that gives security to foreign investments.