- DR Congo secures fresh US$348.50 million IMF disbursement despite conflict, Ebola pressures
The International Monetary Fund has approved fresh disbursements totaling about US$348.50 million for the Democratic Republic of the Congo after completing key reviews under the country’s Extended Credit Facility and Resilience and Sustainability Facility arrangements.
The approval followed the IMF Executive Board’s conclusion of the 2026 Article IV Consultation with the DRC, the third review under the Extended Credit Facility and the second review under the Resilience and Sustainability Facility.
According to the Fund, completion of the third ECF review allowed for a disbursement of SDR190.40 million, equivalent to about US$258.20 million, bringing total disbursements under the programme to SDR761.30 million, or about US$1.03 billion.
The completion of the second RSF review also unlocked SDR66.60 million, equivalent to approximately US$90.30 million.
The IMF said the DRC’s economy remains resilient despite a difficult external and domestic environment, including the continuing armed conflict in the eastern part of the country, spillovers from the war in the Middle East and the Ebola outbreak.
Economic activity remained resilient in 2025, supported by strong extractive sector performance and a strengthening non-extractive sector. The Fund said the outlook remains positive, with mining exports expected to continue supporting the external sector, narrowing the current account deficit and helping reserve accumulation.
Inflation also declined sharply following the October 2025 appreciation of the Congolese franc, standing at 2.50% at the end of April 2026.
“The near-term outlook remains favourable, though subject to significant risks, including the security situation in eastern DRC, the recent Ebola outbreak, rising political uncertainty, and spillovers from the war in the Middle East,” IMF Deputy Managing Director and Acting Chair, Kenji Okamura, said after the Board discussion.
Programme performance under the ECF was described as broadly satisfactory, although fiscal pressures increased as the security situation deteriorated. The Fund said all end-December 2025 performance criteria were met except for the domestic fiscal balance and the continuous performance criterion on the non-introduction or modification of multiple currency practices.
The domestic fiscal balance target was missed due to higher-than-anticipated security-related spending in the last quarter of 2025. The other missed criterion resulted from a modification by the Central Bank of the Congo of the exchange rate spread applicable to foreign exchange operations between the central bank and the Treasury.
The IMF said corrective actions had been taken by the authorities to address the missed targets.
Structural reforms are also progressing, with most benchmarks met. Under the RSF, the climate screening methodology for public investment was completed ahead of schedule, while amendments to the Forest Code were delayed due to factors outside the authorities’ control.
The IMF said the 2026 fiscal outlook is broadly manageable, with strong revenue performance, favourable commodity prices and policy measures largely offsetting continued security-related spending pressures.
However, the Fund noted that the domestic fiscal deficit is expected to widen temporarily, reflecting the impact of the war in the Middle East and additional public investment financed by the recent Eurobond issuance.
Over the medium term, the IMF urged the DRC authorities to sustain fiscal discipline, continue public financial management reforms and intensify domestic revenue mobilisation to create space for priority investment and social spending.
The Fund also called for transparency and efficiency in the use of public resources, particularly in relation to Eurobond proceeds.
On monetary policy, the IMF said the Central Bank of the Congo had maintained an appropriately cautious stance. It advised the central bank to pause further easing amid uncertainty and remain ready to tighten policy if inflation expectations become unanchored.
The Fund also stressed the need to continue building international reserves while preserving the role of the exchange rate as a shock absorber.
Executive Directors further urged the authorities to accelerate structural reforms, including labour market reforms, improvements in the business climate, governance, transparency and anti-corruption reforms.
They also called for progress toward the DRC’s exit from the Financial Action Task Force grey list, stronger anti-money laundering and counter-terrorism financing frameworks, and continued improvements in financial supervision.
The IMF said the Article IV Consultation underscored the need for the DRC to consolidate hard-won gains in macroeconomic stability through a better-balanced policy mix over the medium term.
This, it noted, would require gradual but sustained fiscal consolidation, prudent monetary policy, continued external buffer accumulation and reforms to advance export diversification and strengthen the business climate.
For a country still confronting conflict, public health risks and external shocks, the Fund’s assessment suggests that the DRC’s macroeconomic foundation has held up better than expected. But it also makes clear that resilience alone will not be enough.
The next phase of the programme will test whether the authorities can convert mining-driven momentum and IMF support into broader reforms capable of delivering inclusive and sustainable growth.
