Congo’s growth to surpass 6% in 2023, IMF says in loan review
The economy of the Democratic Republic of Congo, the largest producer of cobalt, is seen expanding more than 6% this year despite a slump in the prices of the metal used in electric vehicles and violent conflict in the east, the International Monetary Fund said.
The mining sector remains “dynamic” even as revenue falls short of expectations, the Washington-based lender said on Tuesday after a review of its $1.5 billion loan program with the country.
The shortfall in projected income meant spending has been adjusted to prioritize security and preparations for elections in December and other current expenditure over the repayment of arrears, the IMF said.
IMF staff and the government agreed on economic policies to conclude the loan review, the country’s fifth under the program. Congo will receive another disbursement of about $200 million once the lender’s board approves the payment.
Reserves stood at $5 billion and annual inflation slowed to below 22% in October from 23.3% in July, the IMF said.
