Finance Minister of the Central African Republic has announced that the country is in serious economic crisis.
The minister raised the alarm in an official correspondence to the AFP Wednesday.
He attributed the current economic crisis to lack of external financial support to the country.
Mr Herve Ndoba described the development as ” very worrying to the state’s treasury”.
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He further stated that the future looks uncertain for the country’s national economy and public financing.
The finance minister disclosed the State can no longer implement the earlier proposed budget in full.
He hinted his ministry is considering 40 to 60 percent cut in budgetary allocation to some ministries.
The 5.5 million populated state has been plunged into civil war for almost a decade now.
Although there has been relative peace since 2018, the country is yet to recover from the impact of the war.
Russia in 2020 deployed hundreds of paramilitary forces to the Central African Republic.
Forces from the Wagner security group were deployed to aid President Faustin Archange Touadera’s army against the rebels.
UN, France and other global observers have described the Wagner troops as “mercenaries”.
They accused the government of Central African Republic of subjecting the country to Russia’s control.
They alleged that the Russian Wagner paramilitary is plundering the poor nation’s resources in exchange for military favours.
Central African Republic’s former colonial masters, France in June last year suspended budgetary support to the country.
