刚果民主共和国：扩大信贷安排下的第一次审查、豁免不遵守履约标准的请求、修改量化履约标准和融资保证审查——新闻稿；员工报告；刚果民主共和国执行主任的发言

July2025 ©2025International Monetary FundE-mail:publications@imf.org Web:http://www.imf.orgInternational Monetary FundWashington, D.C. IMF Executive Board Completes the First Review under theExtended Credit Facility Arrangement for the DemocraticRepublic of the CongoFOR IMMEDIATE RELEASE•The IMF Executive Board has completed the first review under the Extended CreditFacility arrangement for the Democratic Republic of the Congo. The decision allowsfor an immediate disbursement of US$ 261.9 million towards international reserves, tocontinue building buffers.•The DRC’s economy has been resilient in a challenging environment amid theescalation of the armed conflict in the eastern part of the country, which placedsignificant strains on the budget. The authorities have made good progress on thestructural reform’s agenda, but a few quantitative targets were missed.•The recent peace agreement signed between the governments of the DRC andRwanda, mediated by the United States, is encouraging for the prospect of a peacefulresolution of the conflict and renewed focus on development goals.Washington, DC–July 2, 2025:The Executive Board of the International Monetary Fund(IMF) completed the first review under the Extended Credit Facility (ECF) Arrangement for theDemocratic Republic of the Congo (DRC) approved on January 15, 2025 (see PR 25/003).The completion of the first review allowed an immediate disbursement equivalent to 190.4million SDR (about US$ 261.9 million) to support balance-of-payment needs, bringing theaggregate disbursement to date to 380.5 million SDR (about 523.4 US$ million).The DRC has been facing significant challenges amid the intensification of the armed conflictin its eastern part since end-2024. The escalation of hostilities has claimed thousands of livesand caused severe social and humanitarian damages, including disruptions in access toessential services such as food, water, and electricity. Diplomatic efforts are ongoing to securea cessation of hostilities and ensure sustainable peace in the region. The signing on June 27,2025, of a peace agreement between the governments of the DRC and Rwanda, under themediation of the United States, is encouraging for the prospect of a peaceful resolution on theongoing conflict and renewed focus on addressing development goals.Despite the challenging environment, economic activity remained resilient, with robust GDPgrowth of 6.5 percent in 2024, driven by continued dynamism in the extractive sector.External stability has strengthened, as the current account deficit narrowed and theaccumulation of international reserves continued. Inflationary pressures continue to ease, andyear-on-year inflation declined from 23.8 percent at end-2023 to 11.7 percent at end-2024 and8.5 percent at end-June 2025.Performance under the program was mixed, as the intensification of the conflict has placedsignificant strains on the budget. Despite strong revenue collection, the domestic fiscal deficitreached 0.8 percent of GDP in 2024, exceeding the program target of 0.3 percent, owing to spending overruns linked to the escalation of the conflict, including on exceptional securityspending and public investments. The program target on the Central Bank of the Congo(BCC)’s foreign exchange assets held with domestic correspondents was missed as well, dueto higher-than-expected tax payments in foreign currency on government accounts. Otherquantitative performance criteria of the ECF were met. Most indicative targets were also met,except those related to the floor on social spending and the ceiling on spending executedthrough emergency procedures—owing to elevated exceptional security spending linked to theconflict intensification. Appropriate corrective measures are being implemented by theauthorities.In completing the first review, the Executive Board also approved the authorities’ request forwaivers of nonobservance of the performance criteria on the floor on the domestic fiscalbalance at end-December 2024 on the basis of corrective actions, and the continuous ceilingon the levels of foreign currency assets of the BCC held with domestic correspondents on thebasis of the temporary nature of the deviation which has since been remedied. Further, theExecutive Board completed the financing assurances review under the ECF arrangement. Noreform measures under the Resilience and Sustainability Facility (RSF) arrangement,approved in January 2025, were due for review at this time.At the conclusion of the Executive Board’s discussion, Mr. Okamura, Deputy ManagingDirector and Chair stated:“The Democratic Republic of the Congo (DRC) has been confronted with heightened securitychallenges since late 2024. The escalation of the conflict in the eastern part of the country hascaused serious human, social and economic damage and induced the government to increasespending. Despite these difficulties, the macroeconomic environment of the DRC remainedbroadly stable. Growth has remained robust, due to the r