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Congo: IMF partners Government to Improve Economy

The International Monetary Fund reached an agreement ad-referendum with the Congolese authorities in a reform program that could be supported by the IMF’s Rapid Credit Facility (RCF).

Rough diamonds found around Mbuji-Mayi, Democratic Republic of Congo. Photography: Panos/Marc Schlossman

A team of the IMF officials, headed by Mauricio Villafuerte, visited Kinshasa, Democratic Republic of Congo (DRC), over November 6–15, 2019. This discussion by both IMF team and Congolese government is to find appropriate solutions to the economic development in the DRC which has been severely undermined by decades of instability and violence.

The report stated that the IMF’s Rapid Credit Facility (RCF) will be disbursed upon the approval the IMF management. Rapid Credit Facility (RCF) is a lending arrangement by the IMF, the provides rapid financial support in a single, up-front payout for low-income countries facing urgent financing needs.

Prime Minister Ilunga Ilunkamba, Minister of Finance Sele Yalaghuli, Central Bank of Congo Governor Mutombo Mwana Nyembo, other senior government officials as well as representatives of civil society, private sector, and development partners were also at the meeting.

The discussions focused on policies to strengthen macroeconomic stability, reinforce international reserves, and advance key structural reforms to address poor governance, a difficult business environment, and pervasive poverty a source noted yesterday.

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