## 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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## Bibliographic details
- Published: December 16, 2021

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### Review outcome and financing
- 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).

### Macroeconomic performance and projections
- 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.

### Fiscal and policy implications
- 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.*

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## References

- [Democratic Republic of the Congo and the IMF](http://www.imf.org/external/country/COD/index.htm)
- [IMF Quotas -- A Factsheet](https://www.imf.org/en/about/factsheets/sheets/2022/imf-quotas)
- [Press Releases](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [Extended Credit Facility](http://www.imf.org/en/About/Factsheets/Sheets/2016/08/02/21/04/Extended-Credit-Facility)
- [21/217](https://www.imf.org/en/News/Articles/2021/07/15/pr21217-drc-imf-executive-board-approves-us-1-52b-ecf-arrangement)
- [Rapid Credit Facility](https://www.imf.org/en/About/Factsheets/Sheets/2016/08/02/21/08/Rapid-Credit-Facility)
- [19/465](https://www.imf.org/en/News/Articles/2019/12/17/pr19465-democratic-republic-of-congo-imf-executive-board-approves-disbursement-under-the-rcf)
- [20/182](https://www.imf.org/en/News/Articles/2020/04/22/pr20182-democratic-republic-of-congo-imf-approves-disbursement-to-address-covid-19)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2021/12/16/pr12379-imf-board-completes-first-review-under-the-ecf-arrangement-for-dr-congo_