Monday, 19th July 2021, Kinshasa, Democratic Republic of Congo. On Monday, July 19th, 2021, The Minister of Finance, Nicolas Kazadi and Gabriel Leost, the Resident Representative of the IMF in the DRC met to officially announce and bring to conclusion the formal economic program between the DRC and the International Monetary Fund (IMF).
The conclusion of this program follows the approval made by the IMF's Board of Directors on July 15, 2021. The three-year program under the IMF's Extended Credit Facility (ECF) is the formal program concluded with the DRC since the initial program stalled in 2012. The program further illustrates the strong efforts made by the Government of the Sacred Union of the Nation, since May 2021, under the leadership of the President of the Republic Felix Antoine TSHISEKEDI TSHILOMBO.
The Program remains an integral part of the Government’s priorities and aims to maintain macroeconomic stability in the DRC and set forth a structured path towards sustainable and inclusive growth, centered on improving physical and human capital as well as solid governance. The medium-term reforms expected from the Government will focus on increasing the mobilization of domestic revenue, the promotion of investments, particularly by the private sector, to promote sustainable growth and job creation as well as continued efforts to improve governance and strengthen the monetary policy framework.
Under the three-year program, running from 2021 to 2024, the DRC will benefit from a global envelope of USD 1.52 billion. The first immediate disbursement of USD 216.9 million is made following the approval of the Board of Directors of the IMF. These resources will support the balance of payments, will help increase the level of international reserves with a view on reducing external vulnerabilities and strengthening the achievements of macroeconomic stability.
The conclusion of this program with the IMF will offer the country an opportunity, in the context of the health crisis and global pandemic of Covid-19 to intensify its relations with other financial partners while increasing the mobilization efforts for further external resources for financial development.
The Minister of Finance, His Excellency Mr. Nicolas KAZADI KADIMA NZUJI expresses, on behalf of the Government, his gratitude to the members of the IMF Board of Directors, the Mission Team as well as the national experts, and congratulates them for promptness in the harmonious conduct of discussions. He expresses his wish for the satisfactory implementation of this economic program concluded with the IMF to allow the DRC its successful completion.