## Republic of Congo: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo

_IMF Staff Country Reports, October 5, 2021_

## Source details

**Canonical URL:** [Republic of Congo: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo](https://www.imf.org/en/publications/cr/issues/2021/10/05/republic-of-congo-2021-article-iv-consultation-press-release-staff-report-and-statement-by-482022)

## Other formats

- [Markdown version](/en/publications/cr/issues/2021/10/05/republic-of-congo-2021-article-iv-consultation-press-release-staff-report-and-statement-by-482022/index.md)
- [Structured JSON version](/en/publications/cr/issues/2021/10/05/republic-of-congo-2021-article-iv-consultation-press-release-staff-report-and-statement-by-482022/index.json)
- [Bundle manifest](/en/publications/cr/issues/2021/10/05/republic-of-congo-2021-article-iv-consultation-press-release-staff-report-and-statement-by-482022/bundle-manifest.json)

## Bibliographic details
- Published: October 5, 2021
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513595511.002

---

### Overview and macroeconomic impact
- The COVID-19 pandemic and oil price shocks have taken a deep toll on the Congolese economy, weighing on incomes and inequality.
- Debt sustainability challenges precluded Fund financial assistance during the pandemic.
- The Extended Credit Facility (ECF) arrangement, approved in 2019, expired in April 2021 without having completed the first review.

### Debt outlook and current classification
- Recently, debt sustainability has been restored owing to the authorities’ debt restructuring strategy and current and projected higher oil prices.
- The risk of debt distress remains high given liquidity risks and vulnerabilities to negative oil price shocks.
- The authorities are actively negotiating the resolution of pending external arrears.
- Until this process is concluded and the negotiations with two external creditors are finalized, debt is classified as being “in distress.”

### Subjects and keywords
- Subjects: Arrears; External debt; International organization; Monetary policy; Oil prices; Oil, gas and mining taxes; Prices; Public debt; Taxes
- Keywords: adjustment effort; Arrears; Central Africa; Congolese authorities; debt restructuring effort; gas and mining taxes; Global; Oil; oil price shock; Oil prices; oil revenue; reform agenda

*Source: Republic of Congo: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo (October 5, 2021).*

---

## Content in this bundle

- **1cogea2021001**
  - [1cogea2021001 (Markdown version)](/-/media/files/publications/cr/2021/english/1cogea2021001.pdf.md){rel="alternate" type="text/markdown"}
  - [1cogea2021001 (PDF)](/-/media/files/publications/cr/2021/english/1cogea2021001.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2021/10/05/republic-of-congo-2021-article-iv-consultation-press-release-staff-report-and-statement-by-482022_