DRC Receives Praise for Economic Progress at World Bank and IMF Spring Meetings
During the 134th Council of Ministers, the Minister of Finance shared positive feedback from the recent Spring Meetings of the World Bank Group and the International Monetary Fund (IMF) held in Washington, United States.
The Democratic Republic of Congo (DRC) was commended for its peaceful December 2023 elections and macroeconomic advancements.
According to the minutes of the meeting, senior representatives from the Bretton Woods institutions praised the DRC for its peaceful elections and macroeconomic achievements, particularly robust economic growth and increased international reserves.
However, the IMF highlighted the need for increased efforts to generate more revenue and streamline spending to finance priority investments for inclusive growth.
Recommendations from the IMF emphasized the importance of prudent fiscal and monetary policies to successfully conclude the Sixth Review and establish a program with the IMF for the first time in the history of the DRC.
Additionally, ambitious measures to strengthen public financial management, enhance governance of public enterprises, and promote the Grand Inga project were deemed essential to unlock the first tranche of budget support this year.
The World Bank stressed the significance of high-level ownership of the Grand Inga project and recommended the establishment of a dedicated interministerial committee to ensure coordination.
Given persistent downside risks and subdued global growth prospects, the IMF advised member countries, including the DRC, to maintain price stability, improve fiscal sustainability, protect financial stability, and promote inclusive and sustainable growth. The priority remains creating fiscal space to finance vital investments in infrastructure and human capital.
During a press briefing on April 24, Finance Minister Nicolas Kazadi highlighted an increase in external resources by USD 5 billion and a rise in foreign direct investment, with a net increase reaching USD 2.1 billion.
The Annual Meetings of the World Bank Group and the IMF serve as crucial platforms for discussing major global issues, including the global economic situation, poverty alleviation, economic development, and aid effectiveness.
While primarily held in Washington, these meetings occasionally take place in member countries to underscore the international nature of these institutions.
