IMF Executive Board Completes the Third Review under the Extended Credit Facility Arrangement and the Second Review under the Resilience and Sustainability Facility Arrangement for the Democratic Republic of the Congo
IMF News, June 27, 2026
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- IMF Executive Board Completes the Third Review under the Extended Credit Facility Arrangement and the Second Review under the Resilience and Sustainability Facility Arrangement for the Democratic Republic of the Congo
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- Published: June 27, 2026
Review completion and disbursements
- The Executive Board completed the third review under the Extended Credit Facility (ECF) Arrangement and the second review under the Resilience and Sustainability Facility (RSF) Arrangement for the Democratic Republic of the Congo (DRC).
- Completion of the third ECF review allowed for a disbursement equivalent to 190.4 million SDR (approximately US$ 258.2 million), bringing the aggregate ECF disbursement to date to 761.3 million SDR (about US$ 1,032.4 million).
- Completion of the second RSF review allowed for a disbursement of 66.6 million SDR (approximately US$ 90.3 million).
- Total new disbursements unlocked by the reviews amount to about US$348.5 million, bringing total ECF disbursements to about US$1.03 billion.
Economic outlook, external sector, and inflation
- Economic activity remained resilient in 2025; the outlook is positive, supported by:
- Robust extractive sector activity.
- A strengthening non-extractive sector.
- Recent issuance of a Eurobond expected to support priority investment in public infrastructure with strong economic return.
- External sector developments:
- Strengthened in 2025 and expected to continue improving, supported by strong mining exports.
- Current account deficit narrowed and reserves continued to accumulate.
- Inflation developments:
- Inflation declined sharply following the October 2025 appreciation of the Congolese franc, standing at 2.5 percent at end-April 2026.
- Other reported inflation metrics in the table below.
Risks, security, and humanitarian situation
- Security and humanitarian context:
- Security situation in eastern DRC remains volatile despite the December 2025 Washington Accords, with continued fighting and recurring violations of ceasefire commitments.
- Humanitarian situation remains severe, with widespread food insecurity and large-scale displacement.
- Additional risks:
- Rising global, political, and health risks—including disruptions from the war in the Middle East, rising domestic political tensions, and the ongoing Ebola outbreak—add uncertainty and could further constrain policy implementation.
- Fiscal impacts:
- The impacts of the war in the Middle East and the Ebola outbreak are weighing on the budget, which was already under pressure from the persistent conflict in eastern DRC.
- The 2026 fiscal outlook is described as broadly manageable but the domestic fiscal deficit is expected to widen temporarily, reflecting the impact of the war in the Middle East and additional investment financed by the Eurobond.
Program performance and structural reforms
- Program performance under the ECF was broadly satisfactory.
- Most quantitative targets were met.
- All end-December 2025 performance criteria (PC) were met, except:
- The domestic fiscal balance (missed due to higher-than-anticipated security-related spending in the last quarter of the year).
- The continuous PC on the non-introduction or modification of multiple currency practices (missed because of the Central Bank of the Congo (BCC) modification of the exchange rate spread applicable to FX operations between the BCC and the Treasury).
- Corrective actions have been taken by the authorities to address the missed performance criteria.
- Structural reform progress:
- Most structural benchmarks were met.
- Under the RSF:
- The climate screening methodology for public investment was completed ahead of schedule.
- Amendments to the Forest Code were delayed due to factors outside the authorities’ control.
Policy messages and recommendations from Executive Board Chair (Mr. Okamura)
- Near-term macro view:
- Economic activity remains resilient, supported by robust mining sector performance.
- Inflation has stayed low in early 2026; external position has continued to strengthen, reflecting favorable terms of trade.
- Near-term outlook remains favorable but subject to significant risks (security situation in eastern DRC, Ebola outbreak, rising political uncertainty, spillovers from the war in the Middle East).
- Fiscal policy:
- The 2026 fiscal outlook is broadly manageable due to strong revenue performance from favorable commodity prices and policy measures, which largely offset security-related spending pressures.
- Over the medium term, recommended actions include:
- Sustained fiscal discipline.
- Continued roll-out of the public financial management reforms agenda.
- Efforts to boost domestic revenue mobilization to create space for investment and priority social spending.
- Monetary policy and external buffers:
- The BCC has maintained an appropriately cautious monetary policy stance.
- Given significant uncertainty, a pause in further easing is warranted; the BCC should stand ready to tighten monetary policy if needed.
- Sustained efforts to accumulate reserves, while preserving the role of the exchange rate as a shock absorber, are essential to building external resilience.
- Governance, anti-corruption, and private sector climate:
- Further advancing reforms to improve governance and transparency, strengthening anti-corruption and AML/CFT frameworks—including progress toward exit from the FATF grey list—and enhancing the business climate are critical for private sector development and diversified, inclusive growth.
- Article IV consultation guidance:
- Consolidating gains in macroeconomic stability calls for a better-balanced policy mix over the medium term:
- Gradual but sustained fiscal consolidation.
- A prudent monetary stance.
- Continued buildup of external buffers.
- Structural reforms to advance export diversification and strengthen the business climate.
Key statistics (selected figures from Democratic Republic of the Congo: Selected Economic and Financial Indicators, 2024–27)
- Real GDP (Annual percentage change):
- 2024 Act.: 6.1
- 2025 CR No. 26/02 Prel.: 5.6
- 2026 Proj.: 5.7
- 2027 Proj.: 5.3
- Extractive GDP (Annual percentage change):
- 2024: 11.9
- 2025: 10.1
- 2026: 8.6
- 2027: 5.0
- Additional extractive entries: 6.7, 4.4 (as listed in the table)
- Non-extractive GDP (Annual percentage change):
- 2024: 4.1
- 2025: 3.1
- 2026: 4.7
- 2027: 5.4
- Additional non-extractive entry: 5.2
- GDP deflator (Annual percentage change):
- 2024: 19.6
- 2025: 7.9
- 2026: 8.5
- 2027: 3.6
- Additional entries: 6.2, 6.5, 6.4
- Consumer prices, period average:
- 2024: 17.7
- 2025: 7.7
- 2026: 7.4
- 2027: 3.5
- Consumer prices, end of period:
- 2024: 11.7
- 2025: 4.3
- 2026: 2.3
- 2027: 6.9
- Additional entry: 7.0
- Money and credit (Annual change in percent of beginning-of-period broad money):
- Net foreign assets:
- 2024: 23.0
- 2025: -0.2
- 2026: -12.9
- 2027: 30.1
- Additional entries: 21.8, 22.7
- Net domestic assets:
- 2024: 5.8
- 2025: 3.7
- 2026: 3.3
- 2027: -21.0
- Additional entries: -9.6, -10.4, -5.5
- Domestic credit:
- 2024: 15.2
- 2025: 1.2
- 2026: 7.8
- 2027: 14.5
- Additional entries: 7.1, 13.9
- Broad money:
- 2024: 28.2
- 2025: 4.0
- 2026: 9.1
- 2027: 12.1
- Additional entries: 12.3, 12.2
- Central government finance (Percent of GDP):
- Revenue and grants:
- 2024: 14.8
- 2025: 14.4
- 2026: 14.9
- 2027: 15.1
- Expenditures:
- 2024: 16.4
- 2025: 16.7
- 2026: 16.9
- 2027: 17.1
- Additional entries: 17.3, 16.6, 17.5
- Domestic fiscal balance:
- 2024: -0.7
- 2025: -1.3
- 2026: -1.9
- 2027: -1.2
- Investment and saving:
- Gross national saving:
- 2024: 9.7
- 2025: 9.3
- 2026: 11.2
- 2027: 13.0
- Investment:
- 2024: 13.8
- 2025: 13.3
- 2026: (entry truncated in source)
- Non-government:
- 2024: 10.0
- Balance of payments:
- Exports of goods and services:
- 2024: 45.9
- 2025: 40.0
- 2026: 39.8
- 2027: 37.1
- Additional entries: 44.4, 36.6, 43.4
- Imports of goods and services:
- 2024: 48.0
- 2025: 41.5
- 2026: 40.8
- 2027: 37.4
- Additional entries: 37.7, 37.0, 36.7
- Current account balance, including transfers:
- 2024: -4.2
- 2025: -3.6
- 2026: -3.7
- 2027: -2.2
- Additional entries: -2.6, -1.4
- Current account balance, excluding transfers:
- 2024: -5.2
- 2025: -3.4
- 2026: -2.8
- 2027: -2.1
- Additional entry: -2.4
- Gross official reserves (weeks of imports):
- 2024: 10.6
- 2025: 12.9
- 2026: 12.0
- 2027: 13.5
- Additional entry: 12.8
- External debt — Debt service in percent of government revenue:
- 2024: 6.
- 2025: 7.2
Source: IMF press release, June 26, 2026.