(Ecofin Agency) - The Government of the Republic of Congo is planning to reduce its expenses this year by about 9% as the decline in the prices of oil in the global market has hit revenue.

According to Thierry Moungalla, the country’s Communications Minister, expenses under the current budget are to fall to 2.122 trillion CFA francs from the initial 2.333 trillion CFA francs.

Revenues generated from oil and gas decreased to 544 billion CFA francs from 754 billion CFA francs in the current budget which is subjected to approval by the parliament.

Oil output this year is expected to increase in excess of 94 million bbls, compared to the 89 million bbls in 2015 as Oil represents about 65% of the country’s gross domestic product (GDP).

Congo is currently considering easing the fall in production and overtakes Equatorial Guinea in becoming sub-Saharan Africa's third-largest crude producer by 2017, Reuters reports.

Anita Fatunji