DRC to access $200M from IMF to strengthen reserves

The Democratic Republic of Congo will access more than $200 million from the International Monetary Fund to build its international reserves from July this year.

The East African Community (EAC) member state has concluded staff level agreement with the multilateral lender for the sixth and last review under the three-year Extended Credit Facility (ECF) whose total support amounted to $1.52 billion.

“Completion of the review will make SDR152.3 million (slightly more than US$200 million) available to build up international reserves,” said Calixte Ahokpossi who led the IMF mission.

Upon approval by the IMF Executive Board, the funds are expected to help the DRC ease fiscal pressure coming from heavy security spending.

“Despite good revenue performance in the last quarter of 2023, the country’s international reserves continued to strengthen, reaching $5.5 billion or about two months of imports of goods and services at the end of 2023,” said IMF.

By Ronald Owili