IMF approves disbursement of $224.7m for DRC

The International Monetary Fund (IMF) has concluded the 2024 Article IV consultation and the sixth and final review under the Extended Credit Facility (ECF) Arrangement for the Democratic Republic of the Congo (DRC), facilitating an immediate disbursement of 152.2 million SDR (about US$224.7 million).

This brings total disbursements to 1,066 million SDR (approximately US$1,573.8 million) to support the DRC’s balance-of-payment needs.

Despite significant challenges due to security and humanitarian crises in the East, the DRC has maintained prudent macroeconomic policies. Moreover, the IMF review shows that real GDP growth for 2023 was estimated at 8.4 per cent, driven by the extractive sector, while inflation peaked at 23.8 per cent before easing to 21.2 per cent by May 2024.

The 2023 domestic fiscal deficit reached 1.3 per cent of GDP due to higher spending on elections and security.

The country’s economic outlook remains positive but faces substantial downside risks. Growth is projected at 4.7 per cent in 2024, with inflation expected to average 17.2 per cent and decline to 12 per cent by year-end. The fiscal deficit is projected to narrow, supported by higher mining revenues.

Kenji Okamura, IMF Deputy Managing Director, highlighted the DRC’s resilience and progress under the ECF arrangement despite external and domestic shocks. He emphasised the importance of continued fiscal discipline, monetary policy tightening, and reforms in governance, transparency, and the business climate to support sustainable growth and economic stability.

The IMF remains committed to supporting the DRC in overcoming its economic challenges and achieving a stable and prosperous future.

Attribution: IMF.