IMF Approves $442 Million Support for DRC Amid Economic Recovery
IMF Approves $442M Disbursement for DRC Under ECF and RSF Programs to Support Growth and Stability
The Executive Board of the International Monetary Fund (IMF) has approved the second review of the arrangement under the Extended Credit Facility (ECF) and the first review under the Resilience and Sustainability Facility (RSF) for the Democratic Republic of Congo (DRC).
This approval unlocks an immediate total disbursement of US$442 million, the IMF announced.
Specifically, the completion of the second ECF review allows a disbursement of 190.4 million Special Drawing Rights (SDRs), approximately USD 260 million, bringing cumulative ECF disbursements to 570.9 million SDRs (nearly USD 779.7 million). The first RSF review authorizes an additional disbursement of 133.25 million SDRs, equivalent to about USD 182 million.
The IMF highlighted that the Congolese economy has demonstrated resilience despite ongoing armed conflict in the eastern regions, which continues to strain public finances and exacerbate the humanitarian crisis.
While progress has been made through a U.S.-brokered peace agreement between the DRC and Rwanda, and a framework agreement in Doha between the Congolese government and the M23 group, security concerns remain a significant challenge.
On the macroeconomic front, activity remains robust, with real GDP growth projected to exceed 5% in 2025 and 2026, driven primarily by the extractive sector. External stability has improved due to strong exports and high copper prices, despite a temporary suspension of cobalt exports in 2025. This has supported improvements in the current account balance and foreign exchange reserves, although these remain below recommended adequacy levels.
Inflation has fallen sharply, from 11.7% at the end of 2024 to 2.2% in November 2025, reflecting a combination of restrictive monetary policy and a significant appreciation of the Congolese franc.
Leveraging this disinflation and rising real interest rates, the Central Bank of Congo (BCC) reduced its key interest rate from 25% to 17.5% in early October.
The IMF regards the implementation of the ECF-supported program as generally satisfactory. All end-June 2025 performance criteria were met, except for an ongoing criterion related to multiple exchange rate practices.
The Congolese authorities requested a waiver, which the IMF granted, noting the temporary nature of the measure, which has since been abandoned.
Most indicative targets were also achieved, though deviations occurred in social spending and emergency expenditure ceilings due to exceptionally high security costs. Regarding structural reforms, seven of eight non-continuous benchmarks were met, with the standardized VAT invoicing system implemented slightly later than planned. All three continuous structural benchmarks were successfully achieved.
The RSF program was similarly assessed as satisfactory, with reforms focusing on analyzing budgetary risks linked to climate shocks and adopting a natural disaster risk management policy.
IMF Deputy Managing Director and Acting Chair Kenji Okamura emphasized that, despite positive economic prospects, significant downside risks persist, including security and humanitarian challenges, potential reductions in official development assistance, and commodity price volatility.
The IMF called for sustained fiscal discipline, a gradual move toward a fiscal framework less reliant on extractive resources, strengthened public financial management, and adequate social spending to address the humanitarian crisis. Reforms aimed at improving governance, transparency, and the business environment are also recommended.
Finally, the Fund underscored the importance of prudent, data-driven monetary policy and continued accumulation of foreign exchange reserves to enhance the resilience of the Congolese economy and support sustainable, inclusive growth.
