Democratic Republic of the Congo: Request for a Three-Year Arrangement Under the Extended Credit Facility; Review of Performance Under the Staff Monitored Program-Press Release; Staff Report; and Statement by the Executive Director for the Democratic

Request for a Three-Year Arrangement Under the Extended Credit Facility; Review of Performance Under the Staff Monitored Program-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of Congo

Volume/Issue: Volume 2021 Issue 168

Publication date: July 2021

ISBN: 9781513588735

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Topics covered in this book

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International - Economics , Banks and Banking , Exports and Imports , Finance , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ECF arrangement , DRC government , DRC authorities , government transfer , COVID support measure , Arrears , Global , Africa , BCC Law , RCF commitments summary , staff appraisal , Mining sector

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Summary

The Democratic Republic of the Congo (DRC) is a fragile state and vulnerable to recurrent shocks. Relations with the Fund have been quite active since early 2019, with a Staff Monitored Program (SMP) coupled with a Rapid Credit Facility (RCF) disbursement in December 2019 and a second RCF disbursement in April 2020 to respond to the COVID-19 crisis. Economic activity decelerated sharply in 2020 because of the crisis and reserves decreased to less than two weeks of imports. President Tshisekedi requested a three-year Extended Credit Facility (ECF) arrangement to support his medium-term reform program.