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Business and Economics > Public Finance

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Cover IMF Staff Country Reports
Democratic Republic of the Congo: Selected Issues
International Monetary Fund. African Dept.
This paper analyzes domestic revenue mobilization in the Democratic Republic of the Congo (DRC) and offers options to strengthen it. Domestic revenue mobilization (DRM) in the DRC has improved during the Extended Credit Facility ECF program, standing at 13.7 percent over gross domestic product (GDP) in 2023, though it remains persistently low relative to peer countries. The recent improvements in revenue mobilization have been driven by stronger corporate income taxation (particularly stemming from the extractive sector). A comparison between DRC’s and peer countries’ tax structure points to significant room for boosting domestic revenues with stronger mobilization of personal income taxes, taxes on international trade and transactions and goods and services. In addition, the country’s tax potential (estimated on the basis of its structural characteristics and a stochastic frontier model) points to significant scope for improving tax-to-GDP ratio, by about 10 percentage points under more efficient tax policy and tax collection. Finally, tax administration reforms based on recommendations from the recently published the Tax Administration Diagnostic Assessment Tool report can significantly contribute to boosting DRM, with particular focus on tax-avoidance in the mining sector.
Keywords:
spending credibility; General Public service; DRC mining sector revenue; DRC authorities; budget credibility; implemented budget; Revenue mobilization; Budget planning and preparation; Tax administration core functions; Sub-Saharan Africa
Cover IMF Staff Country Reports
Guinea: 2024 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Guinea
International Monetary Fund. African Dept.
The 2024 Article IV Consultation with Guinea discusses that in part because of the explosion, growth is expected to decelerate to 4.1 percent in 2024 and rebound to 5.6 percent in 2025, sustained by a resilient mining sector. Key priorities for 2024 aim at addressing urgent financing needs mainly linked to assistance to affected households, site cleaning, and decontamination and reconstruction, which could threaten growth and economic development if not addressed. In the medium term, mobilizing domestic revenues, modernizing tax administration, improving public finance management and investment efficiency, and increasing spending on education, health, and social protection will help boost productivity and reduce poverty. The implementation of structural reforms will help manage Guinea’s vulnerability to domestic and external shocks and achieve sustained and inclusive growth. Policies should focus on beefing up fiscal space for priority spending and fiscal sustainability. In particular, mobilizing domestic revenues, especially from the mining sector, modernizing tax administration, improving public finance management and investment efficiency, as well as increasing spending on education, health, and social protection, while anchoring spending on available resources will help boost productivity, diversify the economy, and reduce poverty.
Keywords:
Guinean authorities; FSW emergency financing; Policy discussion; response to the tragedy; RCF disbursement; reporting of the mining companies; oil supply channel; emergency spending; cash basis; authorities' response; Mining sector; Global; West Africa; Africa
Cover IMF Staff Country Reports
Guinea: 2022 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Guinea
International Monetary Fund. African Dept.
This paper focuses on Guinea’s 2022 Article IV Consultation and Request for Disbursement under the Rapid Credit Facility (RCF). Guinea’s chronic food insecurity was significantly exacerbated in 2022 as a result of the international food and fertilizer price shock, threatening the fragile post-pandemic recovery of the nonmining sector. Emergency financial assistance under the RCF’s new Food Shock Window would help address urgent balance-of-payments needs and mitigate the impact of the food shock. Guinea remains at moderate risk of debt distress, with some space to absorb shocks but limited space for new borrowing. Maximizing the concessionality of new debt, tapping domestic financing sources, strengthening debt management capacity, and enhancing public investment management will be crucial in preserving medium-term debt sustainability. Economic diversification will be essential to sustain growth over time and make it more resilient and inclusive. A sound implementation of the Simandou iron ore project should be a key priority, while addressing weaknesses in governance will also be important.
Keywords:
price shock; oil price hike; IMF budget support; money market rate; FX auction; fertilizer price; Mining sector; Inflation; Food security; Global; Africa; West Africa
Cover IMF Staff Country Reports
Guinea: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Guinea
International Monetary Fund. African Dept.
While the non-mining sector was severely impacted by the COVID-19 crisis, overall growth in Guinea remains strong, reaching 7 percent in 2020, driven by booming mining production. Inflation exceeded 12 percent as a result of COVID-related supply disruptions and the ongoing monetary and fiscal response. The already weak social indicators have deteriorated further.
Keywords:
authorities' intention; accommodative fiscal policy; Guinean authorities; near-term priority; value chain; money market rate; Mining sector; COVID-19; Debt sustainability analysis; Global; Africa; West Africa
Cover IMF Staff Country Reports
Democratic Republic of the Congo: Request for a Three-Year Arrangement Under the Extended Credit Facility; Review of Performance Under the Staff Monitored Program-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of Congo
International Monetary Fund. African Dept.
The Democratic Republic of the Congo (DRC) is a fragile state and vulnerable to recurrent shocks. Relations with the Fund have been quite active since early 2019, with a Staff Monitored Program (SMP) coupled with a Rapid Credit Facility (RCF) disbursement in December 2019 and a second RCF disbursement in April 2020 to respond to the COVID-19 crisis. Economic activity decelerated sharply in 2020 because of the crisis and reserves decreased to less than two weeks of imports. President Tshisekedi requested a three-year Extended Credit Facility (ECF) arrangement to support his medium-term reform program.
Keywords:
ECF arrangement; DRC government; DRC authorities; government transfer; COVID support measure; Arrears; Global; Africa; BCC Law; RCF commitments summary; staff appraisal; Mining sector
Cover IMF Staff Country Reports
Democratic Republic of the Congo: Request for a Three-Year Arrangement Under the Extended Credit Facility; Review of Performance Under the Staff Monitored Program-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of Congo
International Monetary Fund. African Dept.
The Democratic Republic of the Congo (DRC) is a fragile state and vulnerable to recurrent shocks. Relations with the Fund have been quite active since early 2019, with a Staff Monitored Program (SMP) coupled with a Rapid Credit Facility (RCF) disbursement in December 2019 and a second RCF disbursement in April 2020 to respond to the COVID-19 crisis. Economic activity decelerated sharply in 2020 because of the crisis and reserves decreased to less than two weeks of imports. President Tshisekedi requested a three-year Extended Credit Facility (ECF) arrangement to support his medium-term reform program.
Keywords:
ECF arrangement; DRC government; DRC authorities; government transfer; COVID support measure; Arrears; Global; Africa; BCC Law; RCF commitments summary; staff appraisal; Mining sector
Cover IMF Staff Country Reports
Guinea: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Guinea
International Monetary Fund. African Dept.
While the non-mining sector was severely impacted by the COVID-19 crisis, overall growth in Guinea remains strong, reaching 7 percent in 2020, driven by booming mining production. Inflation exceeded 12 percent as a result of COVID-related supply disruptions and the ongoing monetary and fiscal response. The already weak social indicators have deteriorated further.
Keywords:
authorities' intention; accommodative fiscal policy; Guinean authorities; near-term priority; value chain; money market rate; Mining sector; COVID-19; Debt sustainability analysis; Global; Africa; West Africa
Cover IMF Staff Country Reports
Democratic Republic of the Congo: Technical Assistance Report-Governance and Anti-Corruption Assessment
International Monetary Fund. Legal Dept.
and
International Monetary Fund. Fiscal Affairs Dept.
At the request of His Excellency the President of the Republic and Head of State, the Legal (LEG) and Fiscal Affairs (FAD) Departments of the IMF conducted an assessment of governance and corruption mission in Kinshasa, Democratic Republic of the Congo (DRC) from December 9 to 20, 2019 (the “mission”).1 The objectives of the mission were to discuss with the authorities (i) a diagnostic of governance issues in the DRC; and (ii) to articulate measures to help improve governance and the fight against corruption.
Keywords:
TA recipient; legal department; Board audit committee; payment procedure; staff team of the International Monetary Fund; Corruption; Mining sector; Anti-money laundering and combating the financing of terrorism (AML/CFT); Public enterprises; Sub-Saharan Africa; Global; Central Africa
Cover IMF Staff Country Reports
Democratic Republic of the Congo: Technical Assistance Report-Governance and Anti-Corruption Assessment
International Monetary Fund. Legal Dept.
and
International Monetary Fund. Fiscal Affairs Dept.
At the request of His Excellency the President of the Republic and Head of State, the Legal (LEG) and Fiscal Affairs (FAD) Departments of the IMF conducted an assessment of governance and corruption mission in Kinshasa, Democratic Republic of the Congo (DRC) from December 9 to 20, 2019 (the “mission”).1 The objectives of the mission were to discuss with the authorities (i) a diagnostic of governance issues in the DRC; and (ii) to articulate measures to help improve governance and the fight against corruption.
Keywords:
TA recipient; legal department; Board audit committee; payment procedure; staff team of the International Monetary Fund; Corruption; Mining sector; Anti-money laundering and combating the financing of terrorism (AML/CFT); Public enterprises; Sub-Saharan Africa; Global; Central Africa
Cover IMF Staff Country Reports
Democratic Republic of the Congo: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of the Congo
International Monetary Fund. African Dept.
The Democratic Republic of the Congo is suffering directly from the COVID-19 pandemic with 215 confirmed cases and 20 deaths as of April 9. The economic impact, chiefly through lower commodity prices, was being felt even before the first confirmed case was reported on March 10. The authorities’ policy response to the pandemic has been firm, scaling up health care spending and putting in place measures to help contain and mitigate the spread of the disease. The pandemic is also dampening domestic revenue mobilization and putting significant pressures on foreign exchange reserves.
Keywords:
ISCR; CR; Congo; Banque Centrale du Congo; financing; disbursement under the Rapid Credit Facility; government