Public Management

DRC: IMF praises resilient economy, hints at $203 mln support

Thursday, 04 May 2023 18:08
DRC: IMF praises resilient economy, hints at $203 mln support

(Ecofin Agency) - DRC's economy grew from 5.7% in 2021 to 8.9% in 2022. The growth was driven by strong performance in the mining sector and the revival of non-extractive activities.

The Democratic Republic of Congo (DRC) reached a staff-level agreement with the IMF for 152.3 million special drawing rights ($203 million) in balance-of-payments support. The support was announced in a release published by the international institution at the end of the two-week mission in the framework of the fourth review of the ECF arrangement between DRC and the IMF. 

According to the IMF, DRC’s economy has been resilient despite global inflationary pressures and the conflict in the east of the country. "Real GDP growth is estimated at 8.9 percent in 2022, due to stronger-than-expected mining production, and is projected to 6.8 percent in 2023, again supported by the extractive sector," said mission leader Mercedes Vera Martin.

Despite that resilience, the IMF believes that to ensure macroeconomic stability in this uncertain environment, Congolese authorities need to implement a credible fiscal consolidation plan and a more restrictive monetary policy. It also suggests DRC should continue structural reforms to strengthen policy frameworks, governance, and the fight against corruption.

"Fiscal policy is expected to prudently address additional security, humanitarian, and election spending needs related to the deteriorated situation in the East, while revenues in 2023 are projected at the level of the third review," it explained.

For 2023-2025, the country’s economy is expected to remain stable at around 6%.  

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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