War in East Is Eroding Congo's Budget Surplus, Finance Minister Says [BNN Bloomberg (Canada)]
Moody's Corporation (MCO)
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Source: BNN Bloomberg
higher-than-expected mining revenue has limited its fiscal impact, according to Finance Minister Nicolas Kazadi. Congo's budget for “exceptional security expenses” has increased more than 10-fold because of the conflict with the M23 rebel group, which has displaced almost 200,000 people, Kazadi said in an interview Tuesday on the sidelines of the Africa Financial Industry Summit in Lome, Togo. The government has also spent more than $400 million subsidizing high fuel costs caused by the war in Ukraine after budgeting only $80 million, he said. Windfall revenue from mining, which led to a current-account surplus through the first half of the year, has compensated for much of the unexpected expenses, resulting in little impact on macroeconomic stability, according to the International Monetary Fund. Congo is the world's largest producer of the battery mineral cobalt and Africa's biggest source of copper. Eastern Congo has suffered decades of conflict since the 1990s, when violence
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MCO
Earnings
- 5/3/24 - Beat
MCO
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- 5/9/24 - Form 4
- 5/6/24 - Form 8-K
- 5/2/24 - Form 10-Q
- MCO's page on the SEC website