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International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Team Reached Staff-Level Agreement with the Democratic Republic of the Congo on Fifth Review of the Extended Credit Facility

Growth remains resilient despite a difficult and uncertain environment, but the fiscal position has worsened, and inflation has accelerated

IMF staff and the Democratic Republic of the Congo have reached a staff-level agreement on economic policies to conclude the fifth review of the three-year Extended Credit Facility (ECF) supported program; Growth remains resilient despite a difficult and uncertain environment, but the fiscal position has worsened, and inflation has accelerated;…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Concludes Visit to the Democratic Republic of the Congo

An International Monetary Fund (IMF) staff team led by Mercedes Vera Martin conducted a staff visit in Kinshasa during February 8-14, 2023, to discuss recent economic developments

Real GDP growth has been revised upwards to 8.5 percent in 2022 thanks to stronger production in the mining sector and is projected to remain elevated in 2023. The favorable 2023 outlook is overshadowed by heightened downside risks from an escalation of the armed conflict in the East, uncertainty in…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Reach Staff-Level Agreement with the Democratic Republic of the Congo on the Third Review Under the Extended Credit Facility

The Congolese authorities and the IMF team reached staff-level agreement on policies for the completion of the third review under the ECF arrangement

The IMF team reached staff-level agreement on the third review of the authorities’ economic reform program supported by the Extended Credit Facility (ECF) arrangement; Despite recurrent external shocks and increasing inflation, the post-covid recovery continues to build momentum, with 2022 growth expected at 6.6 percent; Amidst high uncertainty, prudent policies…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

IMF Staff Concludes Visit to the Democratic Republic of the Congo

An International Monetary Fund (IMF) team, led by Ms. Mercedes Vera Martin, visited Kinshasa during March 1–7 to discuss recent economic and financial developments

The 2021 economic rebound, with growth estimated at 5.7 percent, was supported by the recovery in mining and service sectors; Downside risks to the outlook have increased significantly driven by external developments. This calls for sustaining prudent macroeconomic policies; Scaling up implementation of the authorities’ reform agenda will support the…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

IMF Executive Board Completes First Review Under the Extended Credit Facility Arrangement and Approves US$212.3 Million Disbursement for the Democratic Republic of the Congo

Despite the persistence of the COVID-19 pandemic, the economy is recovering

Despite the COVID-19 pandemic, the rebound in economic activity is stronger than initially projected, supported by higher-than-envisaged mining production and the recovery in non-extractive growth; The conclusion of the first review under the ECF arrangement enables the immediate disbursement of US$212.3 million to reinforce international reserves, given downside risks to…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

IMF Team and the Authorities from the Democratic Republic of Congo Reach Staff-Level Agreement on the First Review under the Extended Credit Facility

Authorities remain committed to building reserves to guard against external shocks, improve governance and the business climate, and enhance transparency, including in the mining sector

IMF staff and the authorities have reached a staff-level agreement on the first review under the three-year Extended Credit Facility (ECF) arrangement; Boosting public investment and social spending critically depends on continued efforts to raise revenues, reducing non-priority spending, and ensuring efficient and transparent use of public funds, including the…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

Coronavirus - Democratic Republic of Congo: International Monetary Fund (IMF) Approves US$363.27 Million Disbursement to the Democratic Republic of Congo to Address the COVID-19 Pandemic

The DRC is experiencing a severe shock, as the economic impact of the COVID-19 pandemic unfolds, with the near-term outlook deteriorating quickly

The IMF approves the disbursement of US$363.27 million under the Rapid Credit Facility (RCF) to help the Democratic Republic of Congo (DRC) meet urgent balance of payments stemming from the COVID-19 pandemic; The DRC is experiencing a severe shock, as the economic impact of the COVID-19 pandemic unfolds, with the…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Concludes Visit to the Democratic Republic of the Congo

The mission welcomes steps taken by the authorities to control expenditures going forward and urges them to step up revenue mobilization

Preliminary data suggests that all quantitative targets and structural benchmark for end-December 2019 under the Staff Monitored Program (SMP) were met. The macroeconomic situation has so far remained relatively stable; However, 2020 budget execution until mid-February raises concerns arising from spending pressures and lackluster revenue, which have resulted in renewed…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

Democratic Republic of Congo and IMF Mission Reach an Agreement ad-referendum on Financial Assistance Under the Rapid Credit Facility and a Staff-Monitored Program

An International Monetary Fund (IMF) team, headed by Mauricio Villafuerte, visited Kinshasa, Democratic Republic of Congo (DRC), over November 6–15, 2019

The Congolese authorities and the IMF team reached an agreement ad-referendum on a reform program that could be supported by the Rapid Credit Facility and a Staff-Monitored Program through end-May 2020; The Congolese economy faces multiple challenges with weakening economic growth, pervasive poverty, fragmented taxation system and fragile judiciary; Discussions…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Completes 2019 Article IV Mission to the Democratic Republic of the Congo

The mission thanks the Congolese authorities for their hospitality, openness, and cooperation

Non-mining growth is projected to more than double in 2019, but total GDP growth will decelerate based on the assumption of a slowdown in mining activity; Stronger revenue mobilization is needed to enhance spending on infrastructure; Reducing regulations, simplifying tax payments, and improving governance should help to foster private sector…