Democratic Republic of the Congo: Request for the Rapid-Access Component of the Exogenous Shocks Facility and Report on the 2008 Staff Monitored Program

Author: International Monetary Fund

Volume/Issue: Volume 2009 Issue 317

Publication date: December 2009

ISBN: 9781451808469

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Topics covered in this book

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Banks and Banking , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , Congo , OPI , government , staff appraisal , regularization of payment , DRC authorities , impact of the financial crisis , near-term impact , Credit , Bank deposits , Debt relief , Fiscal stance , Currencies , Global

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Republic of Congo : 2001 Article IV

Summary

This paper discusses a request from Congo for the Rapid-Access Component of the Exogenous Shocks Facility. Performance on the 2008 staff-monitored program was mixed, complicated by the effects of the exogenous shock. Although weaknesses remain, the authorities strengthened public financial management, particularly with regard to urgent government expenditure. They also made progress in addressing IMF staff’s concerns about the debt sustainability implications of the Sino-Congolese mining and infrastructure cooperation agreement. The authorities are committed to implementing appropriate adjustment policies.