Washington: The Executive Board of the International Monetary Fund (IMF) has concluded the third review under the Extended Credit Facility (ECF) Arrangement and the second review under the Resilience and Sustainability Facility (RSF) Arrangement for the Democratic Republic of the Congo (DRC). This approval, initially granted on January 15, 2025, marks significant progress in the ongoing economic programs for the DRC.
According to International Monetary Fund, the completion of the ECF review has authorized a disbursement equivalent to 190.4 million SDR (approximately US$ 258.2 million), raising the total disbursement under the program to 761.3 million SDR (about US$ 1,032.4 million). Additionally, the RSF review has facilitated a further disbursement of 66.6 million SDR (approximately US$ 90.3 million). Despite these financial achievements, the security situation in eastern DRC remains precarious, with continued conflicts and ceasefire violations persisting post-December 2025 Washington Accords. The ongoing humanitarian crisis is characterized by severe food insecurity and massive displacement.
Economic resilience in 2025 was notable, with a positive outlook driven by strong extractive and non-extractive sector activities. The issuance of a Eurobond is anticipated to bolster public infrastructure investments, promising substantial economic returns. Further strengthening of the external sector is projected, supported by robust mining exports and an improved current account deficit. Inflation saw a significant decrease, settling at 2.5 percent by the end of April 2026, following the appreciation of the Congolese franc in October 2025. However, the fiscal budget strain continues due to the enduring conflict in eastern DRC, the Middle Eastern war, and the ongoing Ebola outbreak.
The performance under the ECF program was generally satisfactory, though challenges remain, particularly in meeting the domestic fiscal balance and currency practice criteria. These shortfalls were primarily driven by unexpected security-related expenditures and recent modifications by the Central Bank of the Congo (BCC) concerning FX operations. Nevertheless, corrective steps are being implemented. Progress is evident in the structural reform agenda, with most benchmarks being achieved, although some delays were noted in the RSF initiatives due to factors beyond the authorities' control.
Mr. Okamura, Deputy Managing Director and Chair of the Executive Board, highlighted the positive economic activity, underpinned by the mining sector's performance and a strong external position. The fiscal outlook for 2026, while manageable, is pressured by security expenditures and the impacts of the Middle Eastern conflict. However, strong revenue performances and policy measures offer substantial offsets. Over the medium term, fiscal discipline and public financial management reforms are projected to create room for essential investments and social spending.
The BCC's cautious monetary policy stance is deemed appropriate amid prevailing uncertainties. Continued reserve accumulation and exchange rate management are crucial for enhancing external resilience. Advancements in the RSF reform agenda are ongoing, with a focus on governance improvement, anti-corruption measures, and business climate enhancement to support private sector growth.
The 2026 Article IV consultation emphasized consolidating macroeconomic stability through balanced policies, prudent fiscal management, and structural reforms to encourage export diversification and a robust business environment.