IMF Executive Board Concludes the 2026 Article IV Consultation and 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 30, 2026
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- IMF Executive Board Concludes the 2026 Article IV Consultation and 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 30, 2026
Program status and disbursements
- Completion of the third review of the ECF-supported program allowed for a disbursement equivalent to 190.4 million SDR (approximately US$ 258.2 million), bringing the aggregate disbursement to date to 761.3 million SDR (about US$ 1,032.4 million).
- Completion of the second review of the RSF allowed for a disbursement of 66.6 million SDR (approximately US$ 90.3 million).
- Completion of the ECF and RSF reviews unlocked new disbursements totaling about US$348.5 million, bringing total ECF disbursements to about US$1.03 billion.
- Performance under the program has been broadly satisfactory, with most quantitative targets met, and structural reforms progressing well, though an accelerated pace is necessary.
Economic outlook, activity, and external sector
- Economic activity remained resilient in 2025 and the outlook is positive, supported by robust extractive sector activity and a strengthening non-extractive sector.
- The recent issuance of a Eurobond is expected to support priority investment in public infrastructure with strong economic return.
- The external sector strengthened in 2025 and is expected to continue improving, supported by strong mining exports, with a narrower current account deficit and continued reserve accumulation.
- Inflation declined sharply following the October 2025 appreciation of the Congolese franc, standing at 2.5 percent at end-April 2026.
- Risks: ongoing armed conflict in eastern DRC; war in the Middle East; Ebola outbreak; rising domestic political tensions; global, political, and health risks that could further constrain policy implementation and weigh on the budget.
Fiscal policy, public debt, and budgetary pressures
- 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 public debt outlook remains stable.
- All end-December 2025 performance criteria 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 following modification by the Central Bank of the Congo (BCC) 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.
- Board guidance and Directors’ calls:
- Gradual fiscal consolidation to create space for priority investment and social spending while safeguarding debt sustainability.
- Support for the temporary widening in the 2026 deficit, paired with stepped-up domestic revenue mobilization and enhanced transparency and efficiency of public spending.
- Strengthen expenditure controls and budget transparency, including in the use of Eurobond proceeds.
- Enhance public financial and debt management, reduce reliance on emergency procedures, advance wage bill reform, and prevent arrears.
- Improve social spending execution for inclusive growth.
Monetary policy and external buffers
- The BCC has maintained an appropriately cautious monetary policy stance.
- Recommendation: a pause in further easing is warranted; the BCC should stand ready to tighten monetary policy if needed.
- Emphasis on sustained efforts to accumulate reserves while preserving the exchange rate as a shock absorber to build external resilience.
- Directors’ priorities: strengthen the monetary policy framework, enhance transparency in the FX market, deepen the domestic debt market, further accumulate international reserves, strengthen BCC safeguards (including those related to planned gold reserve accumulation), enhance financial supervision, and continue AML/CFT reforms to complete expected exit from the FATF grey list.
Structural reforms, governance, and RSF progress
- Structural reform agenda is progressing, with most structural benchmarks 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.
- Directors called for accelerated structural reforms, including labor market reform and improvements in the business climate, to support diversification and inclusive growth.
- Emphasis on governance, transparency, anti-corruption, AML/CFT frameworks (including progress toward exit from the FATF grey list), swift operationalization of the Economic and Financial Tribunal, finalization of the anti corruption law, and improved data quality.
- Directors welcomed RSF progress and encouraged timely delivery of the reform agenda, noting coordination with development partners for climate resilience and potential pandemic preparedness measures; some Directors were open to including pandemic preparedness reform measures in the current RSF at a future review, subject to macro criticality, capacity, and collaboration.
Executive Board assessment and concluding guidance
- Executive Directors agreed with the thrust of the staff appraisal and commended authorities for commitment to reforms and broadly satisfactory program performance amid challenging circumstances.
- Directors stressed the need for strong ownership, policy discipline, and accelerated structural reforms to consolidate macroeconomic stability and foster diversified, inclusive, and sustainable growth, supported as needed by capacity development from the Fund and development partners.
- The 2026 Article IV consultation emphasized consolidating gains in macroeconomic stability through a better-balanced policy mix over the medium term: gradual but sustained fiscal consolidation, a prudent monetary stance, continued buildup of external buffers, and structural reforms to advance export diversification and strengthen the business climate.
- It is expected that the next Article IV consultation will be held in accordance with the Executive Board decision on consultation cycles for members with Fund arrangements.
Key selected indicators (as presented)
- Real GDP growth:
- 2024 Act.: 6.1
- 2025 CR No. 26/02 Prel.: 5.6
- 2026 Proj.: 5.7
- 2027 Proj.: 5.3 / 5.5 (table presents multiple columns)
- Extractive GDP:
- 2024: 11.9
- 2025: 10.1
- 2026: 8.6
- 2027: 5.0 / 6.7 / 4.4 (table presents multiple columns)
- Non-extractive GDP:
- 2024: 4.1
- 2025: 3.1
- 2026: 4.7
- 2027: 5.4 / 5.2 (table presents multiple columns)
- GDP deflator and consumer prices examples:
- GDP deflator (various entries): 19.6; 7.9; 8.5; 3.6; 6.2; 6.5; 6.4
- Consumer prices, period average: 17.7; 7.7; 7.4; 3.5
- Consumer prices, end of period: 11.7; 4.3; 2.3; 6.9; 7.0
- Money and credit (annual change in percent of beginning-of-period broad money):
- Net foreign assets: 23.0; -0.2; -12.9; 30.1; 21.8; 22.7
- Net domestic assets: 5.8; 3.7; 3.3; -21.0; -9.6; -10.4; -5.5
- Domestic credit: 15.2; 1.2; 7.8; 14.5; 7.1; 13.9
- Broad money: 28.2; 4.0; 9.1; 12.1; 12.3; 12.2
- Central government finance (percent of GDP):
- Revenue and grants: 14.8; 14.4; 14.9; 15.1
- Expenditures: 16.4; 16.7; 16.9; 17.1; 17.3; 16.6; 17.5
- Domestic fiscal balance: -0.7; -1.3; -1.9; -1.2
- Balance of payments and reserves:
- Exports of goods and services (various entries): 45.9; 40.0; 39.8; 37.1; 44.4; 36.6; 43.4
- Imports of goods and services (various entries): 48.0; 41.5; 40.8; 37.4; 37.7; 37.0; 36.7
- Current account balance, incl. transfer: -4.2; -3.6; -3.7; -2.2; -2.6; -1.4
- Current account balance, excl. transfers: -5.2; -3.4; -2.8; -2.1; -2.4
- Gross official reserves (weeks of imports): 10.6; 12.9; 12.0; 13.5; 12.8
- Debt service in percent of government revenue: 6.; 7.2
Press Release No. 26/233, International Monetary Fund, June 30, 2026.