Democratic Republic of Congo (DRC) 's budget is expected to increase from 2 billion dollars to 20 billion after the installation of a modern national payment system (SNP), Saturnin Blaise Luono Kimbanga, president of the parliamentary permanent commission in charge of relations with provincial institutions and devolved entities, has said.
According to Luono, who was speaking in parliament Monday, the new system expected to pay out 52 million U.S. dollars in a year, will not only enable the state to increase its revenues significantly, but will also protect its currency against depreciation.
He said that SNP is a computer network linking the central bank to approved commercial banks, public and private companies across the entire territory, to facilitate instant payment operations to the exchequer through the central bank.
Luono said all customs and taxes operation, at border entry points, and other parts in the country, will immediately be transmitted in real time to the general directorate, and to the finance ministry in DRC's capital of Kinshasa.
This system, which is already operational in certain countries in the Southern African Development Community (SADC) will curb fraud, embezzlement and corruption, and increase gross state revenues, he said.
In order to achieve the objectives of the system, he said, the government must ban the use of paper money in official transactions.
Source: Xinhua
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