- The IMF Executive Board of the International Monetary Fund completed the third review under the Extended Credit Facility Arrangement and the second review under the Resilience and Sustainability Facility Arrangement for the Democratic Republic of the Congo,
- Performance under the program has been broadly satisfactory, with most quantitative targets met, and structural reforms progressing well, though an accelerated pace is necessary.
- Over the medium term, accelerated reforms (including in the labor market), prudent monetary policy, and the transparent and efficient use of public resources, are critical to enhance resilience, safeguard macroeconomic stability, and support inclusive growth.
- Completion of the ECF and RSF reviews unlocked new disbursements totaling about US$348.5 million, bringing total ECF disbursements to about US$1.03 billion.
Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the third review under the Extended Credit Facility (ECF) Arrangement and the second review under the Resilience and Sustainability Facility (RSF) Arrangement for the Democratic Republic of the Congo (DRC), both approved on January 15, 2025 (see PR 25/003). The completion of the third review of the ECF-supported program allowed for a disbursement equivalent to 190.4 million SDR (approximately US$ 258.2 million), bringing the aggregate disbursement to date to 761.3 million SDR (about US$ 1,032.4 million). The completion of the second review of the RSF allowed for a disbursement of 66.6 million SDR (approximately US$ 90.3 million).
The security situation in eastern DRC remains volatile despite the December 2025 Washington Accords, with continued fighting and recurring violations of ceasefire commitments. The humanitarian situation remains severe, with widespread food insecurity and large-scale displacement. Rising global, political, and health risks—including disruptions from the war in the Middle East, rising domestic political tensions, and the ongoing Ebola outbreak—add to uncertainty and could further constrain policy implementation.
Economic activity remained resilient in 2025 and the outlook is positive, with robust extractive sector activity and a strengthening non-extractive sector. The recent issuance of a Eurobond is expected to support priority investment in public infrastructure with strong economic return. The external sector strengthened in 2025 and is expected to continue improving, supported by strong mining exports, with a narrower current account deficit and continued reserve accumulation. Inflation declined sharply following the October 2025 appreciation of the Congolese franc, standing at 2.5 percent at end-April 2026. The impacts of the war in the Middle East and the Ebola outbreak are weighing on the budget, which was already under pressure from the persistent conflict in eastern DRC. Nonetheless, the public debt outlook remains stable.
Program performance under the ECF was broadly satisfactory, despite fiscal pressures stemming from the deterioration in the security situation. All end-December 2025 performance criteria (PC) were met, except for the domestic fiscal balance and the continuous PC on the non-introduction or modification of multiple currency practices. The former was missed, due to higher-than-anticipated security-related spending in the last quarter of the year, and the latter because of the modification by the Central Bank of the Congo (BCC) of the exchange rate spread applicable to FX operations between the BCC and the Treasury. Corrective actions have been taken by the authorities to address the missed performance criteria. The structural reform agenda is progressing, with most structural benchmarks met. Under the RSF, the climate screening methodology for public investment—was completed ahead of schedule, while amendments to the Forest Code were delayed due to factors outside the authorities’ control.
At the conclusion of the Executive Board’s discussion, Mr. Okamura, Deputy Managing Director and Chair stated:
“Economic activity in the DRC remains resilient, supported by robust mining sector performance. Inflation has stayed low in early 2026, and the external position has continued to strengthen, largely reflecting favorable terms of trade. The near-term outlook remains favorable, though subject to significant risks, including the security situation in eastern DRC, the recent Ebola outbreak, rising political uncertainty, and spillovers from the war in the Middle East.
“The 2026 fiscal outlook is broadly manageable. Strong revenue performance, reflecting favorable commodity prices and policy measures, largely offsets continued security-related spending pressures. However, the domestic fiscal deficit is expected to widen temporarily, reflecting the impact of the war in the Middle East and additional investment financed by the Eurobond. Over the medium term, sustained fiscal discipline, continued roll-out of the public financial management reforms agenda and efforts to boost domestic revenue mobilization will help create space for much-needed investment and priority social spending.
“The BCC has maintained an appropriately cautious monetary policy stance. Given significant uncertainty around the outlook, a pause in further easing is warranted and the BCC should stand ready to tighten monetary policy if needed. Sustained efforts to accumulate reserves, while preserving the role of the exchange rate as a shock absorber, remain essential to building external resilience.
“Implementation of the RSF reform agenda is progressing, with one reform measure delayed and another completed ahead of schedule. Further advancing reforms to improve governance and transparency, strengthening anti-corruption and AML/CFT frameworks—including progress toward exit from the FATF grey list—and enhancing the business climate remain critical for supporting private sector development and promoting diversified and inclusive growth.
“The 2026 Article IV consultation underscored the importance of consolidating the hard-won gains in macroeconomic stability through a better-balanced policy mix over the medium term. This calls for a gradual but sustained fiscal consolidation, a prudent monetary stance, the continued buildup of external buffers, and structural reforms to advance export diversification and strengthen the business climate.”
read more: https://www.imf.org/en/news/articles/2026/06/26/pr26227-drc-imf-completes-3rd-rev-under-ecf-arrangement-2nd-review-under-rsf-arrangement-for-drc
