FPI: Government Seeks to Recover Nearly $350 Million from Insolvent Debtors
The Congolese Government is going on the offensive to recover nearly $350 million in debts owed to the Industry Promotion Fund (FPI). Accumulated over the years, some dating back nearly two decades, these amounts represent a major shortfall in the financing of the country’s industrialization. The authorities have announced a forced recovery operation aimed at strengthening the resources allocated to the development of the productive sector.
Nearly $350 Million to Be Recovered
The issue of debts owed to the Industry Promotion Fund (FPI) is back in the spotlight. Meeting around several public institutions, officials agreed on a strategy aimed at accelerating the recovery of unpaid amounts estimated at nearly $350 million.
These debts mainly come from the industry promotion tax, a resource allocated to financing industrial investments. According to the authorities, a significant portion of these debts is held by debtors considered insolvent, while some date back nearly twenty years, illustrating the persistent difficulties surrounding recovery.
The public authorities now intend to meet with the individuals and companies concerned in order to examine payment arrangements. In the absence of a voluntary settlement, the recovery procedures provided for by law may be initiated.
A Challenge for Economic Governance
Beyond the recovery of funds, this operation is part of the Government’s desire to strengthen public finance governance and improve the mobilization of revenues intended for industrial development.
Recovering these debts could provide the FPI with additional resources to finance productive projects, support small and medium-sized enterprises and accompany the local processing policy, at a time when economic diversification remains a strategic objective for the DRC.
Mobilization of Several Institutions
The meeting brought together the First President of the Court of Cassation, the Ministers of Budget, Entrepreneurship and SME Development, Land Affairs and Portfolio, as well as officials from the General Inspectorate of Finance (IGF), the National Control Council (CNC), the National Intelligence Agency (ANR), the Directorate General of Migration (DGM), the Special Adviser to the Head of State on Security and the FPI Management Committee.
Through this inter-institutional mobilization, the authorities want to make the recovery of public debts a lever for sustainable industrial financing and a signal in favor of more rigorous management of State resources.
MB – DeskEco
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