IMF Approves $261.9M Disbursement to DRC After Positive First Review of Credit Facility
The Executive Board of the International Monetary Fund (IMF) has completed the first review under the Extended Credit Facility (ECF) arrangement for the Democratic Republic of the Congo (DRC), unlocking an immediate disbursement of US$261.9 million to bolster international reserves and support macroeconomic stability.
The decision brings total disbursements under the program to approximately US$523.4 million, following the facility’s approval in January 2025. The ECF is aimed at helping the DRC navigate a challenging security and economic landscape exacerbated by the escalation of conflict in the country’s eastern region since late 2024.
Despite the volatile situation, the DRC’s economy has remained resilient, posting a robust GDP growth of 6.5% in 2024, driven largely by the performance of the mining sector. Inflation has steadily declined, falling from 23.8% at the end of 2023 to 8.5% by June 2025, supported by a tight monetary policy and rising foreign reserves.
However, the IMF noted mixed performance on program targets. Although most quantitative performance criteria and indicative targets were met, some—including the domestic fiscal balance and social spending floors—were missed due to conflict-related spending pressures. The IMF granted waivers for these shortfalls, acknowledging the temporary nature of the discrepancies and the authorities’ corrective measures.
In a statement, IMF Deputy Managing Director Kenji Okamura commended the DRC’s progress amid adversity: “Despite increased security challenges, macroeconomic stability has largely been preserved. The government’s commitment to fiscal reform, inflation control, and structural transformation remains strong.”
The review follows the June 27 peace agreement between the DRC and Rwanda, mediated by the United States. The agreement is seen as a major step toward ending hostilities and refocusing national priorities on development and economic reform.
Looking ahead, the IMF urged Congolese authorities to continue strengthening monetary policy frameworks, improving governance at the Central Bank of Congo (BCC), and pushing ahead with reforms in anti-corruption, AML/CFT, and statistical transparency.
The IMF also emphasized the importance of mobilizing domestic revenue, managing public investments prudently, and preparing contingency plans for external shocks.
The ECF review reaffirms international support for the DRC’s reform agenda amid complex economic and humanitarian challenges, underscoring the need for continued vigilance and cooperation with development partners.
