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

IMF News, December 16, 2021

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Canonical URL: 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

Executive Board completed the first review of the arrangement under the Extended Credit Facility (ECF) for the Democratic Republic of the Congo (DRC) on December 15, 2021.
The completion of the review enables the immediate disbursement of SDR152.3 million (14.3 percent of quota or US$212.3 million) to help meet balance of payment needs.
The DRC’s 36-month ECF arrangement totals SDR1,066 million (100 percent of quota, about US$1.52 billion) and was approved on July 15, 2021.
Prior IMF emergency support under the Rapid Credit Facility (RCF) in December 2019 and April 2020 totaled SDR 533 million (50 percent of quota or US$731.7 million).

Growth projections revised upward to 5.4 percent for 2021 and 6.2 percent for 2022, supported by higher-than-envisaged mining production and a rebound in non-extractive growth.
Inflation has remained anchored at about 5 percent.
Gross international reserves increased to US$3.3 billion in mid-October 2021 (from US$0.8 billion at end-2020), reflecting:
- More proactive foreign exchange purchases by the central bank;
- The end-August general SDR allocation from the IMF;
- Better-than-projected external developments supported by high commodity prices.

Higher fiscal revenues have provided space for additional spending, mostly on investment, without undermining the end-2021 fiscal deficit.
The ECF arrangement continues to support the authorities’ medium-term reform program, with priorities to:
- Step up domestic revenue mobilization;
- Strengthen governance;
- Reinforce monetary policy.

Press Release No. 21/379 — IMF Communications Department, December 15, 2021.