Relations with the IMF
As of October 31, 2019
Membership Status: Joined September 28, 1963; Article VIII
|General Resources Account:||SDR Million||Percent of Quota|
|Fund holdings of currency||1,066.00||100.00|
|Reserve Tranche Position||0.00||0.00|
|SDR Department:||SDR Million||Percent of Quota|
|Net cumulative allocation||510.86||100.0|
|Outstanding Purchases and Loans:||SDR Million||Percent of Quota|
Latest Financial Arrangements:
|Type||Approval Date||Expiration Date||Amount Approved (SDR Million)||Amount Drawn (SDR Million)|
|ECF1||Dec 11, 2009||Dec 10, 2012||346.45||197.97|
|ECF1||June 12, 2002||Mar 31, 2006||580.00||553.47|
|Stand-By||June 09, 1989||June 08, 1990||116.40||75.00|
Overdue Obligations and Projected Payments to Fund:2
(SDR million; based on existing use of resources and present holdings of SDRs):
Implementation of HIPC Initiative:
|I.||Commitment of HIPC assistance||Enhanced Framework|
|Decision point date||July 2003|
|Assistance committed by all creditors (US$ millions)3||7,252.00|
|Of which: IMF assistance (US$ millions)||391.60|
|(SDR equivalent millions)||280.30|
|Completion point date||July 2010|
|II.||Disbursement of IMF assistance (SDR millions)|
|Assistance disbursed to the member||280.30|
|Completion point balance||231.25|
|Additional disbursement of interest income4||50.44|
Implementation of MDRI Assistance:
|I.||MDRI-eligible debt (SDR Million)5||248.08|
|Financed by: MDRI Trust||0.00|
|Remaining HIPC resources||248.08|
|II.||Debt Relief by Facility (SDR Million)|
Exchange Rate Arrangement:
The currency of the Democratic Republic of the Congo (DRC) is the Congo franc (CDF). The de jure exchange rate arrangement is floating, although the Fund classifies the de facto exchange rate arrangement as “stabilized.” At end-March 2019, the rate was US$1=CF 1652.7. Effective February 10, 2003, the DRC accepted the obligations of Article VIII, Sections 2 (a) 3, and 4, of the Fund’s Articles of Agreement. However, the DRC maintains one exchange rate restriction subject to Fund approval arising from an outstanding net debt position against other contracting members under the inoperative regional payments’ agreement with the Economic Community of the Great Lakes Countries.
Last Article IV Consultation:
The last Article IV consultation was concluded by the Executive Board on September 4, 2019.
An updated safeguards assessment of the Banque Centrale du Congo (BCC) completed in April 2010 found that while most of the 2008 recommendations had been implemented, significant risks remained. The BCC continued to lack autonomy from the government and was in need of recapitalization, and the absence of an independently defined financial reporting framework continued to impair transparency. The Ministry of Finance completed the first phase of the recapitalization in March 2011 by bringing the BCC’s net worth to zero. The IMF has been providing technical assistance to support the recapitalization efforts. While the BCC committed to adopt IFRS as its financial reporting framework in 2003, the transition process has been significantly delayed. The BCC Law was amended in December 2018 with changes in the provisions on independence, autonomy, and transparency.
Resident Representative: Mr. Philippe Egoumé Bossogo assumed his duties in September 2018.
Relations with Other Financial Institutions
A. World Bank
World Bank Group Projects: http://projects.worldbank.org/search?lang=en&searchTerm=&$x0026;countrycode_exact=ZR
B. African Development Bank
Formerly Poverty Reduction and Growth Facility (PRGF).
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two numbers cannot be added.
Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.
The MDRI provides 100 percent debt relief to eligible countries that qualified for the assistance. Grant assistance from MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.