Economic news in the DRC: The Minister of Finance, Nicolas Kazadi, takes stock of his mission in Marrakech
As part of the annual meetings of the International Monetary Fund (IMF) and the World Bank Group, the Minister of Finance of the Democratic Republic of Congo, Nicolas Kazadi, visited Marrakech. At the last meeting of the Council of Ministers, he shared the results of his official mission.
Nicolas Kazadi reported that the services of the IMF and the World Bank praised the economic performance of the Congolese government. With the IMF, the objective is to ensure the satisfactory finalization of the last two reviews and to begin negotiations for a new program supported by the Extended Credit Facility and the trust fund for resilience and sustainability.
Regarding the World Bank, the Minister of Finance declared that the institution wishes to support the government in terms of budgetary support, allocation of resources for basic infrastructure and support for the Inga III project.
The minutes of the meeting consulted by POLITICO.CD mention that four of the six reviews were concluded satisfactorily, thus allowing four disbursements to support the balance of payments, or more than 1 billion USD. This contributed significantly to strengthening the country’s international reserves.
Congo also benefited from two budget supports from the World Bank totaling 750 million US dollars, and plans to mobilize more next year. Sovereign loans were also granted by the French Development Agency.
Currently, IMF experts are in Kinshasa to evaluate the fifth review of the economic program. They stressed that the main macroeconomic indicators are generally positive and encouraged the collaboration of all relevant ministries and services to respect the meeting schedule.
This mission by the Minister of Finance to Marrakech and the ongoing assessments mark a decisive step towards the economic stability of the DRC and obtaining new financing to support the country’s development.