- DRC gets US$348.50 million IMF boost as inflation falls and reserves strengthen
The International Monetary Fund has approved fresh disbursements totaling about US$348.50 million for the Democratic Republic of the Congo after completing reviews under two financing arrangements, even as the country continues to face pressure from conflict in the east, an Ebola outbreak and spillovers from the war in the Middle East.
The IMF Executive Board completed the third review under the DRC’s Extended Credit Facility arrangement and the second review under the Resilience and Sustainability Facility arrangement, both of which were approved on January 15, 2025.
Completion of the ECF review allows for a disbursement of SDR 190.40 million, equivalent to about US$258.20 million, bringing total disbursements under the ECF to SDR 761.30 million, or about US$1.03 billion.
The completion of the second RSF review also unlocks SDR 66.60 million, equivalent to about US$90.30 million.
The Fund said performance under the programme has been broadly satisfactory, with most quantitative targets met and structural reforms progressing well, although it warned that the pace of reform must accelerate to strengthen resilience and support inclusive growth.
The approval comes at a delicate moment for the DRC. The IMF said the security situation in the eastern part of the country remains volatile despite the December 2025 Washington Accords, with continued fighting and recurring violations of ceasefire commitments.
The humanitarian situation remains severe, marked by widespread food insecurity and large-scale displacement. The Fund also warned that rising global, political and health risks — including disruptions from the war in the Middle East, domestic political tensions and the ongoing Ebola outbreak — are adding uncertainty and could complicate policy implementation.
Despite those pressures, economic activity remained resilient in 2025, supported by strong extractive sector performance and an improving non-extractive sector. The IMF said the outlook remains positive, with mining exports continuing to strengthen the external position.
The recent issuance of a Eurobond is also expected to support priority public infrastructure investment with strong economic returns.
The external sector improved in 2025 and is expected to strengthen further, helped by robust mining exports, a narrower current account deficit and continued reserve accumulation. Inflation also declined sharply after the appreciation of the Congolese franc in October 2025, falling to 2.50% at the end of April 2026.
The IMF, however, said the impact of the Middle East war and the Ebola outbreak is weighing on the budget, which was already under pressure from persistent conflict in eastern DRC. Even so, the public debt outlook remains stable.
Programme performance under the ECF was described as broadly satisfactory, despite fiscal pressures linked to the worsening security situation. 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 because of higher-than-anticipated security-related spending in the final quarter of the year. The exchange-rate-related criterion was missed after the Central Bank of the Congo modified the exchange rate spread applicable to foreign exchange operations between the central bank and the Treasury.
The IMF said corrective actions have been taken by the authorities to address the missed targets.
Structural reforms are also advancing, with most structural 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.
IMF Deputy Managing Director and Acting Chair, Kenji Okamura, said the DRC economy remains resilient, supported by robust mining sector performance, low inflation in early 2026 and a strengthening external position.
“Economic activity in the DRC remains resilient, supported by robust mining sector performance. Inflation has stayed low in early 2026, and the external position has continued to strengthen, largely reflecting favorable terms of trade,” he said.
He cautioned, however, that the near-term outlook remains subject to significant risks, including the security situation in eastern DRC, the Ebola outbreak, political uncertainty and spillovers from the war in the Middle East.
The IMF said the 2026 fiscal outlook is broadly manageable, with strong revenue performance, favourable commodity prices and policy measures helping to offset continued security-related spending pressures.
However, the domestic fiscal deficit is expected to widen temporarily due to the impact of the Middle East war and additional investment financed by the Eurobond.
Over the medium term, the Fund said sustained fiscal discipline, continued public financial management reforms and stronger domestic revenue mobilisation will be needed to create space for public investment and priority social spending.
The Fund also urged the Central Bank of the Congo to maintain a cautious monetary policy stance. Given uncertainty around the outlook, it said a pause in further easing is warranted, while the central bank should be ready to tighten policy if needed.
The IMF further called for continued reserve accumulation while preserving the exchange rate as a shock absorber, describing both as essential for building external resilience.
On governance, the Fund said further progress is needed to strengthen transparency, anti-corruption systems, anti-money laundering and counter-terrorism financing frameworks, including efforts to exit the Financial Action Task Force grey list.
It also called for improvements in the business climate to support private sector development and promote diversified, inclusive growth.
According to IMF projections, real GDP growth is expected at 5.60% in 2026 and 5.50% in 2027. Extractive GDP is projected to grow by 6.70% in 2026 and 5.00% in 2027, while non-extractive GDP is forecast to expand by 5.20% and 5.70%, respectively.
Consumer prices are projected to average 3.50% in 2026 before rising to 6.40% in 2027, while the current account deficit is expected to narrow to 1.90% of GDP in 2026 and 1.40% in 2027.
The latest IMF approval gives the DRC fresh financing support and a vote of confidence in its reform programme. But the Fund’s assessment also makes clear that the country’s economic gains remain exposed to insecurity, health shocks, commodity volatility and the need for faster structural reforms.
