Republic of Congo: 2013 Article IV Consultation

IMF Staff Country Reports, September 10, 2013

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This paper assesses the Republic of Congo’s discussions in 2013 Article IV Consultation.
Though having abundance of natural resources, notably oil and iron ore, Congo has achieved limited progress in poverty alleviation, and remains vulnerable to external shocks.
Weak governance and business conditions are significant constraints to private sector development and growth inclusiveness.
The IMF report shows that Congo’s main challenge is to ensure long-term macroeconomic stability in the face of oil revenue volatility and exhaustibility, and to make growth more inclusive.

Natural resources and vulnerabilities:
- Abundance of natural resources, notably oil and iron ore.
- Vulnerability to external shocks related to oil revenue volatility and exhaustibility.
Poverty and inclusiveness:
- Limited progress in poverty alleviation.
- Need to make growth more inclusive.
Governance and private sector:
- Weak governance and business conditions are significant constraints to private sector development and growth inclusiveness.
Macroeconomic challenge:
- Main challenge is ensuring long-term macroeconomic stability given oil revenue volatility and exhaustibility.

Subject areas listed:
- External debt
- Fiscal policy
- Fiscal stance
- Oil prices
- Oil, gas and mining taxes
- Prices
- Public debt
- Taxes
Keywords highlighted:
- authorities of the Republic of Congo, CR, debt relief, financial situation, Fiscal stance, gas and mining taxes, GDP, Global, IMF staff estimate, ISCR, Oil, Oil prices, oil revenue, policy coordination, Policy discussion, real GDP, staffs IMF, Sub-Saharan Africa, World oil price