DRC Secures $2.87 Billion IMF Package for Economic Growth and Climate Resilience
The Democratic Republic of Congo (DRC) has secured two agreements from the International Monetary Fund (IMF) totaling $2.87 billion. These funds will support the country’s economic development and efforts to combat climate change.
During a press conference on Thursday, November 14, 2024, Minister of Finance Doudou Fwamba Li-Botayi, alongside Budget Minister Aimé Boji and an IMF representative, detailed the two agreements.
The first is a three-year program under the Extended Credit Facility (ECF), valued at $1.75 billion, while the second focuses on climate resilience (RST), amounting to $1.1 billion.
Minister Fwamba emphasized that these agreements lay the foundation for the reforms initiated by the Suminwa government, aimed at improving public finance governance and stabilizing the macroeconomic environment.
“We have secured more than $800 million for budget support financing,” he explained. “This is a significant departure from previous programs, where all funds were directed toward foreign exchange reserves.”
He further clarified that although the Extended Credit Facility allocations are primarily intended for foreign exchange reserves, part of these funds could also be redirected to support the national budget. “We plan to develop sustainable investments that will enhance our country’s climate resilience,” he added.
Minister Boji highlighted the government’s commitment to improving forestry sector governance and implementing climate change adaptation policies.
He also noted the unusual nature of securing two IMF programs in a single mission, calling the outcome a major opportunity for the country.
IMF Mission Head Calixte Ahokpossi praised the Congolese government for its “substantial and ambitious” reform package, which includes improvements in public finance management, investment handling, and the business climate.
He also expressed gratitude to the Congolese authorities and other stakeholders for their collaboration throughout the negotiation process.
