The Democratic Republic of Congo (DRC) is approaching a disbursement of nearly $260 million under its new three-year economic program supported by the International Monetary Fund’s (IMF) Extended Credit Facility (ECF). The exact amount will depend on the exchange rate between the US dollar and the IMF's Special Drawing Rights (SDRs).

IMF mission chief for the DRC, Calixte Ahokpossi, who was in Kinshasa from April 30 to May 13, 2025, announced that the IMF mission and DRC authorities have reached a preliminary staff-level agreement on the first review of the program, marking a key step toward the disbursement. 

The next step is a review by the IMF Executive Board, scheduled for the end of June 2025. If approved, this will be the second disbursement under the program, following the first installment of $266.14 million granted in January 2025 when the program was approved.

Despite intensified armed conflict in North and South Kivu provinces, which has caused severe humanitarian and budgetary challenges, the DRC has shown economic resilience. GDP growth, estimated at 6.5% in 2024 and driven by a dynamic extractive sector, is expected to remain above 5% in 2025. By April 2025, inflation had stabilized to levels similar to July 2022, supported by a stable exchange rate and appropriate monetary tightening, reinforcing the IMF’s confidence in government efforts.

The recent deal reflects the Congolese authorities’ commitment to ambitious structural reforms despite the deteriorating security situation. Progress has been made in modernizing public finance management, including strengthening the legal framework to enforce expenditure discipline. The government has advanced operationalizing the General Directorate of the Treasury (DGTCP), devolving expenditure authorization to sector ministries, establishing the Single Treasury Account (CUT), and moving toward a budget framework excluding extractive sector revenues to shield public spending from their volatility.

However, the IMF calls for intensified efforts to mobilize domestic revenues, particularly through accelerating standardized VAT invoicing, rationalizing tax exemptions, and strengthening the fight against tax evasion by enhancing mineral export controls and combating customs fraud.

This article was initially published in French by Georges Auréole Bamba

Edited in English by Ola Schad Akinocho