刚果共和国：融资后评估新闻稿；员工报告；刚果共和国执行主任的发言

POST-FINANCING ASSESSMENT—PRESS RELEASE;STAFF REPORT; AND STATEMENT BY THE EXECUTIVEDIRECTORFORREPUBLIC OF CONGO In the context of thePost-Financing Assessment, the following documents have beenreleased and are included in this package: •APress Releasesummarizing the views of the Executive Board as expressed duringitsMarch 16, 2026consideration of the staff report that concluded the post-financingassessmentfortheRepublic of Congo. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onMarch 16,2026,following discussions that ended onDecember15,2025,with the officials oftheRepublic of Congoon economic developments andpolicies. Based on information available at the time of these discussions, the staffreport was completed onFebruary 27, 2026. •ADebt Sustainability Analysisprepared by the staffs of the IMF andInternationalDevelopment Association. •AStatement by the Executive DirectorfortheRepublic of Congo. TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary FundWashington, D.C. IMF Executive Board Concludes 2026 Post-FinancingAssessment with the Republic of Congo FOR IMMEDIATE RELEASE •Congo’s economic recovery has softened in 2025 as weak public investment and energysupply disruptions weighed on the non-hydrocarbon sector. Medium-term growthprospects hinge on improvement in the business environment and increased economicdiversification. •In the context of heightened sovereign-bank nexus vulnerabilities and liquidity tensions inregional treasury markets, fiscal discipline weakened in 2025. Spending overruns togetherwith lower oil prices exacerbated fiscal pressures. The 2026 budget plans indicate arenewed commitment to fiscal consolidation, alongside a rebalancing of spending towardpro-growth and pro-poor outlays. •The Republic of Congo’s capacity to repay the IMF is adequate but subject to significantrisks. Washington, DC–March 16, 2026:The Executive Board of the International Monetary Fund(IMF) concluded the 2026 Post-Financing assessment (PFA) with the Republic of Congo.1 The Republic of Congo’s economy grew in 2024 by 2.1 and in 2025 by an estimated 2.4percent. Weak public investments, energy supply disruptions, and lackluster hydrocarbonactivity acted as impediment to stronger economic growth. The current account deficitincreased in 2025 to 5.8 percent of GDP reflecting lower oil prices and high imports partlyrelated to investments in the natural gas sector. After initial price pressures, inflationdecelerated, averaging 2.6 percent over 2025. Fiscal discipline has weakened in 2025 against the backdrop of a high sovereign-bank nexusand liquidity tensions in regional treasury markets. Congo’s 2025 non-hydrocarbon primarydeficit has widened to 8.7 percent of non-hydrocarbon GDP. An unexpected surge in spendingon goods and services crowded out capital expenditures and transfers, while revenues werecompressed by lower oil prices despite stronger non-hydrocarbon revenue mobilization amidimproved tax administration. The approved 2026 budget aims to restore fiscal discipline andenhance spending quality through stronger non-hydrocarbon revenue mobilization and areallocation of resources towards investment and social transfers. Debt vulnerabilities haveremained elevated, with total public debt estimated to have reached 97.2 percent of GDP atend-2025. Newly accumulated domestic and external arrears point to persistent weaknessesin debt management, which the authorities are gradually addressing by leveraging technicalassistance from the Fund and other development partners. The Republic of Congo’s capacity to repay the IMF is assessed as adequate but subject tosignificant risks. Sizeable funding gaps could challenge this capacity, in the event of a declinein regional banks’ appetite for Congolese treasuries and lower oil prices. Executive Board Assessment2 Executive Directors agreed with the thrust of the staff appraisal. They noted that Congo’sfiscal, external, and debt vulnerabilities have intensified as a result of fiscal slippage in 2025,mounting liquidity pressures against the backdrop of a heightened sovereign-bank nexus, andslow structural reform implementation. Against this background, Directors stressed theimportance of strengthening budget discipline, sustaining fiscal consolidation, and stepping uptransformative structural reforms, to entrench macroeconomic stability, catalyze developmentpartner support, and lay the foundations for higher, more resilient, and more inclusive growth.Directors urged the authorities to continue strong engagement with the Fund, wh