The Democratic Republic of Congo is set to receive US$800 million interest-free loan from the International Monetary Fund (IMF) following the conclusion of two financial assistance agreements.
In a meeting held on Wednesday, November 13, 2024 in Kinshasa, IMF Head of Mission Calixte Ahokpossi told President Félix Antoine Tshisekedi and Minister of Finance Doudou Fwamba that an agreement at the level of services for two crucial programs in the Extended Credit Facility (ECF) and the Resilience and Sustainability (RST) had been concluded.
The agreement means the DR Congo can now receive its financial support of USD 800 million under the ECF.
However, the loan has been approved by IMF with the guidance of having the funds directly converted into budget support, a move made to encourage prudent management of resources given the country’s current high rate of misappropriation of public funds.
The IMF further guides that this financing should aim to strengthen economic stability and support structural reforms essential for the country’s development.
The budgetary support provided by this agreement could facilitate the financing of priority projects and social spending, thus contributing to the improvement of financial governance and the economic resilience of the DR Congo.
