The primary source of hyperinflation has been unbridled monetization of an uncontrolled budgetary deficit. The Central Bank of the Congo (BCC) has lost control of monetary policy, and its role has been reduced to financing the fiscal deficit. The IMF staff agrees with the government that...

The Democratic Republic of the Congo (DRC) has successfully implemented key reforms under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative, despite experiencing exceptional challenges since the decision point, including a challenging security situation. Revised present value of...

The IMF’s Executive Board completed the first review under the Extended Credit Facility (ECF) arrangement in June 2010 and decided that the Democratic Republic of Congo (DRC) had reached the completion point under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative. In 2010, an...

Congo’s economic program aims to enhance macroeconomic stability and advance reforms to bolster economic management and improve the supply response of the economy. Progress in implementing the program has been affected negatively by the continuation of conflict. Fiscal policy aims at reducing...

The Growth and Poverty Reduction Strategy was implemented in an extremely challenging environment, adversely affecting the conduct of macroeconomic and sector policies. The accomplishments in regard to sector policies are highly encouraging. There was notable progress in the administration of...

Congo’s first full Poverty Reduction and Growth Strategy underpinned the economic policy during a particularly challenging transitional period. The difficulty is in implementing the program in a rapidly evolving institutional environment. Developments during recent years demonstrate Congo’s...

This paper on the Republic of Congo’s staff-monitored program (SMP) reports that the authorities and civil society pledged to work together to make resource management more transparent. The authorities have reached understandings with IMF staff on an SMP for April-September 2007. The SMP aims...

This 2007 Article IV Consultation highlights that the Democratic Republic of the Congo (DRC) has made significant economic and political progress since 2001, after years of conflict and political instability. Adoption of prudent macroeconomic policies resulted in rapid disinflation and the...

This paper presents an overview of the Poverty Reduction and Growth Strategy Paper (PRGSP) for the Democratic Republic of the Congo (DRC). The process of preparing the final PRGSP was complicated and laborious, but the government insisted that it be carried out rigorously and systematically. The...

This Selected Issues paper describes the three phases of IMF engagement in the Democratic Republic of Congo (DRC) with a view to drawing lessons that could prove useful in identifying objectives and policies for a medium-term program that could be supported through a successor Poverty Reduction...