IMF approves $2.77b to finance Congo economy

The International Monetary Fund (IMF) has approved two 38-month arrangements for the Democratic Republic of the Congo (DRC) worth a combined $2.77 billion to support economic and climate objectives.

The $1.73 billion Extended Credit Facility (ECF) will focus on preserving macroeconomic stability, enhancing governance and transparency, and fostering inclusive growth. The $1.04 billion Resilience and Sustainability Facility (RSF) aims to advance the country’s climate agenda and strengthen its role in the global transition to a low-carbon economy.

In 2024, the DRC’s economy showed resilience with 6 per cent GDP growth, a significant drop in inflation to 12.8 per cent by November, and narrowing fiscal and current account deficits. However, the IMF highlighted challenges related to armed conflict and public health crises, emphasizing the need for deeper reforms to sustain progress.

The ECF will prioritise fiscal discipline, revenue mobilisation, and public financial management, while the RSF will focus on protecting rainforests, integrating climate measures into investment strategies, and building resilience against climate shocks.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama