The International Monetary Fund (IMF) announced the successful conclusion of its loan program with the Democratic Republic of Congo (DRC) on Wednesday.
This final review allows for an immediate disbursement of $224.7 million to support the country’s economic development.
The program’s completion hinged on two key factors: an audit of the DRC’s 2023 military spending and a commitment to transparently record revenue and expenditure from the Sicomines mining project.
Gabriel Leost, the IMF’s representative in Kinshasa, highlighted these points in an interview with Reuters.
Leost explained that the DRC’s security spending exceeded $1 billion last year, exceeding the budgeted amount for the Ministry of Defense.
This surge was partially attributed to the December 2023 elections.
He emphasized that adherence to commitments made during the program’s final review would be crucial for discussions on a potential new program.
“Major deviations could complicate negotiations,” Leost noted, “however, discussions could begin as early as the end of summer.”
The IMF representative also commended the DRC government’s efforts towards increased transparency by publishing mining contracts and focusing on raising public revenue.
These actions were seen as positive steps towards a more stable and accountable financial future for the country.
