Freddy Matungulu
Encyclopedia
Mbuyamu Ilankir "Freddy" Matungulu was born in Lubembo, Democratic Republic of the Congo
Democratic Republic of the Congo
The Democratic Republic of the Congo is a state located in Central Africa. It is the second largest country in Africa by area and the eleventh largest in the world...

 (DRC) on 4 January 1955. An economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...

, he was Finance Minister of the DRC
Democratic Republic of the Congo
The Democratic Republic of the Congo is a state located in Central Africa. It is the second largest country in Africa by area and the eleventh largest in the world...

 in the first government appointed by young President Joseph Kabila
Joseph Kabila
Joseph Kabila Kabange is a Congolese politician who has been President of the Democratic Republic of the Congo since January 2001. He took office ten days after the assassination of his father, President Laurent-Désiré Kabila...

.

In the fall of 1986, he obtained a PhD degree (Economics) at the Fletcher School, Tufts University
Tufts University
Tufts University is a private research university located in Medford/Somerville, near Boston, Massachusetts. It is organized into ten schools, including two undergraduate programs and eight graduate divisions, on four campuses in Massachusetts and on the eastern border of France...

. During 1986-92, he taught economics at the University of Kinshasa
University of Kinshasa
The University of Kinshasa , was one of three universities, along with University of Kisangani and University of Lubumbashi, created following the division of the National University of Zaire...

 and served respectively as special advisor to the Deputy Governor of the Central Bank of Congo and chief economic advisor to the Prime Minister and to the Ministers of Economic Planning, Budget Management, Transport and Communication, and Foreign Trade.

In July 1992, Matungulu joined the staff of the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...

 (IMF
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...

) as an economist, later becoming senior economist and deputy division chief. As the IMF's resident representative in Cameroon
Cameroon
Cameroon, officially the Republic of Cameroon , is a country in west Central Africa. It is bordered by Nigeria to the west; Chad to the northeast; the Central African Republic to the east; and Equatorial Guinea, Gabon, and the Republic of the Congo to the south. Cameroon's coastline lies on the...

, he supervised the successful implementation of the central African nation's ambitious economic reform program initiated in 1996, allowing Cameroon to reach the Decision Point under the Heavily Indebted Poor Countries
Heavily Indebted Poor Countries
Heavily Indebted Poor Countries is a group of 40 developing countries with high levels of poverty and debt overhang which are eligible for special assistance from the International Monetary Fund and the World Bank.- History and structure :...

 Initiative (HIPC). From April 2001 to February 2003, he served as Finance Minister in his home country, the Democratic Republic of Congo.

Accomplishments in Government

As the head of the Finance Department of the DRC, Minister Matungulu undertook a comprehensive IMF-supported reform of the Congolese
Democratic Republic of the Congo
The Democratic Republic of the Congo is a state located in Central Africa. It is the second largest country in Africa by area and the eleventh largest in the world...

 economy, drastically reducing inflation and making possible resumption of growth after a decade-long contraction of the economy.

During Matungulu's term in office, the DRC re-established co-operation with its main multilateral and bilateral development partners, including the IMF, the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...

 and the African Development Bank
African Development Bank
The African Development Bank Group is a development bank established in 1964 with the intention of promoting economic and social development in Africa...

, all of which had deserted the country under the Mobutu regime.

Minister Matungulu resigned his position on February 17, 2003, becoming the first high level government member ever to do so without being prompted or dismissed, in the last 40 years in the Congo.

Matungulu has now returned to - and currently works at - the International Monetary Fund in Washington D.C., USA.

Sources & Relevant External Links

Congolese Finance Department Central Bank of Congo
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