Republic of Congo: Request for a Three-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo

IMF Staff Country Reports, February 17, 2022

Source details

Canonical URL

Republic of Congo: Request for a Three-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo

Other formats

• Markdown version
• Structured JSON version
• Bundle manifest

Bibliographic details

• Published: February 17, 2022
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9798400202551.002

Economic context and near-term challenges

• A new wave of the COVID-19 pandemic is creating headwinds for the nascent economic recovery from the deep recession spurred by the pandemic’s onset and related oil price shocks.
• In the near term, fiscal space to address these challenges is limited.
• Although debt sustainability was recently restored, large liquidity risks and vulnerabilities remain.
• Due to arrears and on-going negotiations with an external commercial creditor, debt is classified as “in distress”.
• The recent AIV consultation concluded on September 24, 2021.

Medium-term strategy and reform priorities

• Reforms supporting improved governance, economic diversification, and resilience are central to the medium-term outlook.
• These reforms aim to help confront challenges from climate change and the global transition to low-carbon economies.
• Expected medium-term outcomes from reforms include:
  • improved incomes
  • job creation
  • reduced inequality
  • exit from fragility

Fiscal and debt considerations

• Subject areas highlighted: Arrears, Debt sustainability analysis, External debt, Fiscal policy, Fiscal stance, Public debt, Taxes, Oil, gas and mining taxes, International organization, Monetary policy.
• Key debt classification: “in distress” (due to arrears and ongoing commercial creditor negotiations).

Publication and document metadata

• Publication date: February 17, 2022
• Pages: 113
• Volume: 2022
• Issue: 049
• Series: Country Report No. 2022/049
• DOI: https://doi.org/10.5089/9798400202551.002
• Stock No: 1COGEA2022001
• ISBN: 9798400202551
• ISSN: 1934-7685

International Monetary Fund. African Dept. "Republic of Congo: Request for a Three-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo", IMF Staff Country Reports 2022, 049 (2022).

Content in this bundle

• 1cogea2022001
  • 1cogea2022001 (Markdown version)
  • 1cogea2022001 (PDF)