Democratic Republic of the Congo: Fourth Review Under the Extended Credit Facility, Request for Modification of Quantitative Performance Criterion, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of the Congo
IMF Staff Country Reports, July 5, 2023
Source details
- Canonical URL
- Democratic Republic of the Congo: Fourth Review Under the Extended Credit Facility, Request for Modification of Quantitative Performance Criterion, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of the Congo
Other formats
Bibliographic details
- Published: July 5, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400244438.002
Summary
- Paper presents Democratic Republic of the Congo’s Fourth Review under the Extended Credit Facility, Request for Modification of Quantitative Performance Criterion, and Financing Assurances Review.
- Ongoing macroeconomic pressures and looming risks call for prudent fiscal policy to preserve fiscal sustainability and macroeconomic stability, supported by tighter monetary policy to reduce inflationary pressures.
- The fiscal deficit is expected to narrow in 2023, which will support monetary policy in curbing inflation.
Program focus and policy measures
- Fiscal consolidation through:
- Mobilizing domestic revenue.
- Curbing nonpriority spending.
- Enhancing spending efficiency.
- Building reserves buffers and capacity for policy formulation.
- Strengthening governance.
Governance and structural reforms
- Reforms emphasized as critical to improve the business climate for private investment and economic diversification:
- Strengthen the rule of law and the judiciary system.
- Curb corruption.
- Improve transparency in the mining sector and public finances.
Macroeconomic stance
- Monetary policy: tighter stance recommended to reduce inflationary pressures.
- Fiscal policy: prudent consolidation to preserve fiscal sustainability and macroeconomic stability.
Publication metadata and key identifiers
- Publication date: July 5, 2023
- Pages: 115
- Volume: 2023
- Issue: 244
- Series: Country Report No. 2023/244
- DOI: https://doi.org/10.5089/9798400244438.002
- Stock No: 1CODEA2023002
- ISBN: 9798400244438
- ISSN: 1934-7685
Subjects and keywords
- Subject: Expenditure, External debt, Fiscal policy, International organization, Monetary policy, Public debt, Revenue administration
- Keywords: Congolese authorities, development spending, ECF arrangement, expenditure measure, Global, inflation pressure, Policy discussion, revenue performance
International Monetary Fund. African Dept. "Democratic Republic of the Congo: Fourth Review Under the Extended Credit Facility, Request for Modification of Quantitative Performance Criterion, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of the Congo", IMF Staff Country Reports 2023, 244 (2023).
Content in this bundle
- 1codea2023002