Democratic Republic of the Congo: Staff-Monitored Program and Request for Disbursement Under the Rapid Credit Facility; Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of the Congo
IMF Staff Country Reports, December 23, 2019
Source details
- Canonical URL
- Democratic Republic of the Congo: Staff-Monitored Program and Request for Disbursement Under the Rapid Credit Facility; Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of the Congo
Other formats
Bibliographic details
- Published: December 23, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513524320.002
Economic outlook and vulnerabilities
- Real gross domestic product growth is projected to decelerate to 4.5 percent in 2019 from 5.8 percent in 2018.
- The economic environment is described as challenging and vulnerable to shocks.
- The recent fall in commodity prices contributed to weaker economic performance.
Fiscal position and financing
- New spending initiatives and looser spending oversight during the political transition period have led to a weaker fiscal position.
- The weaker fiscal position was mostly financed by the central bank.
- Authorities intend to introduce strict spending caps.
Balance of payments and international reserves
- International reserves have fallen to critically low levels, creating urgent balance of payment needs.
- The government is committed to measures and reforms that would reinforce international reserves.
Revenue mobilization and tax administration
- Authorities intend to boost domestic revenue by:
- restoring the functioning of the value-added tax;
- enforcing the personal income tax;
- improving mining revenue forecasting.
- Keywords in the report include: revenue administration, mining revenue forecasting, and mining sector.
Monetary policy and institutional reforms
- The government intends to increase the effectiveness of monetary policy.
- The paper highlights issues related to poor governance and a difficult business environment.
- Authorities express commitment to reforms to strengthen macroeconomic stability and address pervasive poverty.
Inclusive growth and development priorities
- Plans to foster inclusive growth and private sector development include:
- infrastructure projects;
- free basic education.
Content in this bundle
- 1codea2019003