IMF approves extended credit release of $ 212 mn to Congo: Executive Board

The International Monetary Fund (IMF)'s Executive Board has approved the immediate release of more than $212 million to back up the international reserves of the Democratic Republic of Congo (DRC), formerly Zaire, the fund announced in a press release.

"The conclusion of the first review under the ECF [Extended Credit Facility] arrangement enables the immediate disbursement of $212.3 million to reinforce international reserves, given downside risks to the domestic and global economy outlook and recovery," the release said on Thursday.

The ECF arrangement continues to support the authorities' medium-term reform program to foster macroeconomic stability and sustainable development by stepping up domestic revenue mobilization, strengthening governance, and reinforcing monetary policy, the release said.

On Wednesday, the IMF's Executive Board "completed the first review of the arrangement under the ECF for the DRC. The completion of the review enables the immediate disbursement of SDR[Special Drawing Rights] 152.3 million (14.3 percent of quota or $212.3 million)," the release added.

Despite the persistence of the COVID-19 pandemic, the DRC's economy is recovering; growth for 2021-22 has been revised upward to 5.4 percent and 6.2 percent respectively, supported by higher-than-envisaged mining production and a rebound in non-extractive growth, according to the release.