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© 2001 International Monetary Fund

July 2001

IMF Country Report No. 01/114

Democratic Republic of the Congo: 2001 Article IV Consultation and Discussions on Staff-Monitored Program—Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Authorities of the Democratic Republic of the Congo

Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. In the context of a combined discussion of the 2001 Article IV consultation with the Democratic Republic of the Congo and staff-monitored program, the following documents have been released and are included in this package:

  • the staff report for the 2001 Article IV consultation, prepared by a staff team of the IMF, following discussions that ended on May 16, 2001, with the officials of the Democratic Republic of Congo on economic developments and policies. Based on information available at the time of these discussions, the staff report was completed on June 20, 2001. The views expressed in the staff report are those of the staff team and do not necessarily reflect the views of the Executive Board of the IMF;

  • a staff supplement of July 12, 2001, updating information on recent economic developments;

  • the Public Information Notice (PIN) summarizing the views of the Executive Board as expressed during the July 13, 2001, Executive Board discussion of the staff report that concluded the Article IV consultation;

  • a statement by the authorities of the Democratic Republic of the Congo.

The policy of publication of Article IV staff reports and PINS allows for the deletion of market-sensitive information.

The document listed below will be separately released.

Selected Issues Paper and Statistical Annex

The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information.

To assist the IMF in evaluating the publication policy, reader comments are invited and may be sent by e-mail to Publicationpolicy@imf.org.

Copies of this report are available to the public from

International Monetary Fund • Publication Services 700 19th Street, N.W. • Washington, D.C. 20431 Telephone: (202) 623 7430 • Telefax: (202) 623 7201

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Price: $15.00 a copy

International Monetary Fund Washington, D.C.

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INTERNATIONAL MONETARY FUND

DEMOCRATIC REPUBLIC OF THE CONGO

Staff Report for the 2001 Article IV Consultation and Discussions on a Staff-Monitored Program

Prepared by the African Department

(In consultation with the Fiscal Affairs, Legal, Monetary and Exchange Affairs, Policy Development and Review, Statistics, and Treasurer’s Departments)

Approved by G. E. Gondwe and S. Kashiwagi

June 20, 2001

Contents

  • Executive Summary

  • I. Introduction

  • II. Political and Security Developments

  • III. Modalities Concerning the Clearance of Arrears with the Fund

  • IV. Recent Economic Developments

  • V. Policy Discussions and the Fund Staff-Monitored Program

    • A. Fiscal Policy

    • B. Monetary and Exchange Rate Policies

    • C. Structural and Sectoral Reforms

    • D. Promotion of Transparency and Good Governance

  • VI. Staff Appraisal

  • Tables

  • 1. Selected Economic and Financial Indicators, 1996-2001

  • 2. Central Government Financial Operations, 1996-2001

  • 3. Monetary Survey, 1996-2001

  • 4. Balance of Payments, 1996-2001

  • 5. External Public Debt, 1996-2001

  • Figures

  • 1. Fiscal Deficit, Money, Prices, and Exchange Rates, 1998-2001

  • 2. Fiscal Sector, 1998-2001

  • 3. External Debt, 1998-2001

  • 4. Exchange Rate Indices, January 1996-March 2001

  • Text Boxes

  • 1. Key Issues in the Fiscal Area

  • 2. Banking Sector Issues

  • Appendices

  • 1. Letter of Intent

    • Attachment I: Memorandum on Economic and Financial Policies

      • Table 1. Fiscal Measures Planned for 2001

      • Table 2. Technical Assistance Requirements in the Fiscal Area

      • Table 3. Prior Actions

      • Table 4. Quarterly Quantitative Indicators

      • Table 5. Structural Performance Benchmarks

      • Table 6. Monetary Programming 2000--01

      • Table 7. Monthly Treasury Cash-Flow Plan 2001

    • Attachment II: Technical Memorandum of Understanding

      • Annex I: Guidelines on Performance Criteria with Respect to Foreign Debt

    • II. Relations with the Fund

    • III. Relations with the World Bank Group

    • IV. Statistical Issues

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INTERNATIONAL MONETARY FUND

DEMOCRATIC REPUBLIC OF THE CONGO

Staff Report for the 2001 Article IV Consultation and Discussions on a Staff-Monitored Program

Supplementary Information

Prepared by the African Department

In consultation with the Legal, Policy Development and Review, and Treasurer's Departments

Approved by G. E. Gondwe and S. Kashiwagi

July 12, 2001

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Public Information Notice (PIN) No. 01/70

FOR IMMEDIATE RELEASE

July 20, 2001

International Monetary Fund

700 19th Street, NW

Washington, D. C. 20431 USA

On July 13, 2001, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with the Democratic Republic of the Congo (DRC).1

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Statement by Alexandre Barro Chambrier, Executive Director for the Democratic Republic of the Congo

July 13, 2001

The Democratic Republic of the Congo: 2001 Article IV Consultation and Discussions on Staff-Monitored Program--Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Authorities
Author: International Monetary Fund