世界银行-加强公共财政促进包容性增长和可持续发展（英）-2023-116页_6mb

报告摘要

Summary: Republic of Congo Public Finance Review

Introduction

The Republic of Congo remains heavily reliant on oil revenues, resulting in significant fluctuations in government finances during recent years due to volatile global oil prices. While the economy is starting to recover, long-term growth and fiscal sustainability depend on strategic reforms.

Key Findings

Public Expenditure Dynamics

Fiscal policy during the 2010s was procyclical, with aggressive spending expansion during the oil boom followed by severe cuts during the 2014-19 recession
Public investment efficiency has deteriorated since 2015, despite increased allocations, with peer countries demonstrating superior efficiency
Infrastructure maintenance receives insufficient funding (average 0.15% of GDP)
Social sector spending remains low despite increased allocations in recent years

Tax Revenues

Congo's tax-to-GDP ratio compares poorly with regional and international peers (around 13% compared to CEMAC average of 15%)
Value Added Tax (VAT) efficiency has declined significantly due to expanded exemptions
Corporate income tax (CIT) collection remains weak despite rate reductions
Tax expenditures (losses from exemptions) are exceptionally high, estimated at nearly 5% of GDP in 2019

Oil Sector Revenue

Congo receives less than its theoretical revenue share from oil production due to factors like reduced selling prices and substantial tax exemptions
Production Sharing Contracts (PSCs) contain numerous deviations from the 2016 Hydrocarbons Code to the disadvantage of the state
A stabilization fund for revenue smoothing remains largely inactive due to country-specific challenges

Policy Recommendations

Pathway I: Improve Efficiency of Public Spending

Reprioritize spending towards essential social services, infrastructure maintenance, and climate-resilient investments
Strengthen public investment management systems and asset management frameworks
Enhance budget execution through improved revenue collection and cash flow management

Pathway II: Boost Government Revenue

Broaden the tax base by reducing exemptions and improving tax administration capacity
Develop a fiscal stabilization mechanism to manage oil revenue volatility
Implement the 2016 Hydrocarbons Code fully to optimize oil sector revenues

Forward-Looking Strategy

The implementation of the National Development Plan (2022-20) requires transformative fiscal reforms to create multiple revenue sources beyond oil. Strengthening governance, improving transparency, and enhancing the business environment are crucial prerequisites for sustainable development in Congo.

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