Washington, DC – December 15, 2021: On December 15, 2021, the Executive Board of the International Monetary Fund (IMF) completed the first review of the arrangement under theExtended Credit Facility(ECF) for the Democratic Republic of the Congo (DRC). The completion of the review enables the immediate disbursement of SDR152.3 million (14.3 percent of quota or US$212.3 million) to help meet balance of payment needs. The DRC’s 36-month ECF arrangement for SDR1,066 million (100 percent of quota, about US$1.52 billion) was approved by the Executive Board on July 15, 2021 to help meet financing needs associated with the COVID-19 pandemic (see Press Releases No.21/217), following IMF emergency support to the DRC under theRapid Credit Facility(RCF) in December 2019 and April 2020, for a total of SDR 533 million (50 percent of quota or US$731.7 million, see Press Releases No.19/465and20/182).
Despite the persistence of the COVID-19 pandemic, the economy is recovering; growth for 2021-22 has been revised upward to 5.4 percent and 6.2 percent respectively, supported by higher-than-envisaged mining production and a rebound in non-extractive growth. Inflation has remained anchored at about 5 percent. Better-than-projected external developments, supported by high commodity prices, have allowed a significant increase in gross international reserves to US$3.3 billion in mid-October 2021 (from US$0.8 billion at end-2020). This reflects more proactive foreign exchange purchases by the central bank and the end-August general SDR allocation from the IMF. Higher fiscal revenues have provided space for additional spending, mostly on investment, without undermining the end-2021 fiscal deficit.
A fuller version of this press release will be made available tomorrow.