Abstract
Economic performance in the Democratic Republic of the Congo (DRC) has improved markedly. To safeguard the fiscal position, the government has to rigorously monitor budget execution and reduce nondiscretionary spending. The current monetary and floating exchange rate regime should be maintained. Recent efforts to shore up financial stability and develop the banking sector give opportunities for closer regional and global financial integration. Institutional weaknesses, the business environment, and establishing a strong foundation for the exploitation and development of DRC’s natural resources will be critical.
I. Relations with the IMF
As of July 31, 2012
Membership Status: Joined September 28, 1963; Article VIII
General Resources Account:
| SDR Million | Percent of Quota | |
|---|---|---|
| Quota | 533.00 | 100.00 |
| Fund holdings of currency | 533.00 | 100.00 |
| SDR Million | Percent of Quota | |
|---|---|---|
| Quota | 533.00 | 100.00 |
| Fund holdings of currency | 533.00 | 100.00 |
SDR Department
| SDR Million | Percent of Quota | |
|---|---|---|
| Net cumulative allocation | 510.86 | 100.0 |
| Holdings | 352.38 | 69.98 |
| SDR Million | Percent of Quota | |
|---|---|---|
| Net cumulative allocation | 510.86 | 100.0 |
| Holdings | 352.38 | 69.98 |
Outstanding Purchases and Loans:
| SDR Million | Percent of Quota | |
|---|---|---|
| ESF RAC loan | 108.16 | 20.29 |
| ECF Arrangement | 200.64 | 37.64 |
| SDR Million | Percent of Quota | |
|---|---|---|
| ESF RAC loan | 108.16 | 20.29 |
| ECF Arrangement | 200.64 | 37.64 |
Latest Financial Arrangements:
Projected Payments to Fund:2
(SDR million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2012 | 2013 | 2014 | 2015 | 2016 | |
| Principal | 0.00 | 0.00 | 0.00 | 27.46 | 56.35 |
| Charges/interest | 0.08 | 0.42 | 0.92 | 0.90 | 0.79 |
| Total | 0.08 | 0.42 | 0.92 | 28.36 | 57.13 |
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2012 | 2013 | 2014 | 2015 | 2016 | |
| Principal | 0.00 | 0.00 | 0.00 | 27.46 | 56.35 |
| Charges/interest | 0.08 | 0.42 | 0.92 | 0.90 | 0.79 |
| Total | 0.08 | 0.42 | 0.92 | 28.36 | 57.13 |
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 | ||
| Interim assistance | 49.05 | ||
| Completion point balance | 231.25 | ||
| Additional disbursement of interest income4 | 50.44 | ||
| Total disbursements | 330.74 | ||
| 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 | ||
| Interim assistance | 49.05 | ||
| Completion point balance | 231.25 | ||
| Additional disbursement of interest income4 | 50.44 | ||
| Total disbursements | 330.74 | ||
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) | ||
| Eligible Debt | |||
| Delivery Date | GRA | PRGT | Total |
| July 2010 | N/A | 248.08 | 248.08 |
| 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) | ||
| Eligible Debt | |||
| Delivery Date | GRA | PRGT | Total |
| July 2010 | N/A | 248.08 | 248.08 |
Exchange Rate Arrangement:
The currency of the Democratic Republic of the Congo (DRC) is the Congo franc. The de jure exchange rate arrangement is floating, although the IMF classifies the Congo franc as an “other managed arrangement”. At end-June 2012, the rate was US$1=CF 919.32.
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 measures that give rise to one exchange rate restriction and one multiple currency practice subject to Fund approval. The exchange restriction involves an outstanding net debt position against other contracting members under the inoperative regional payments agreement with the Economic Community of the Great Lakes Countries. The multiple currency practice relates to a fixed exchange rate set quarterly applying to transactions through a bilateral payments agreement with Zimbabwe.
Last Article IV Consultation:
Consultations with the DRC are held in accordance with the provisions of the 2010 Decision on consultation cycles approved in September 2010. The last Article IV consultation was concluded by the Executive Board on December 11, 2009.
Safeguards Assessment:
An update safeguards assessment of the Banque Centrale du Congo (BCC) was completed in April 2010, which 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 financing reporting framework continued to impair transparency. The BCC agreed broadly with the priority recommendations of the assessment, and has since initiated important reforms. In March 2011, the Ministry of Finance completed the first phase of the BCC’s recapitalization, bringing its net worth to zero. Additionally, the BCC believes that they are still on target to issue their 2012 financial statements in accordance with IFRS, although the transition process has been protracted.
Technical Assistance:
STA
FY 2007 – Real sector statistics
FY 2008 – Real sector statistics
FY 2009 – National accounts
FY 2010 – Monetary statistics and national accounts
FY 2011 – Monetary statistics and national accounts
FY 2012 – Monetary statistics, national accounts and balance of payments.
MCM
Capacity building assistance to the central bank
FY 2012 – One mission (TA needs assessment)
Strengthening capacity in Anti-Money Laundering/Combating Financial Terrorism (AML/CFT)
FY 2005 – One short visit
FY 2006 – Two short visits
Strengthening capacity in monetary policy implementation, exchange operations, and liquidity management
FY 2005 – Three short visits
FY 2006 – Two short visits
FY 2007 – Seven short visits
FY 2008 – Three short visits
FY 2009 – One short visit
FY 2011 – Three short visits
FY 2012 – Two short visits (of which one on currency reform and handling)
Restructuring and reorganization of the central bank
FY 2009 – One short visit
FY 2010 – One short visit
FY 2011 – Four short visits
FY 2012 – One mission.
Strengthening capacity in banking supervision and financial sector development
FY 2005 – One short visit on bank supervision and regulation
FY 2006 – One short visit on internal audit
FY 2007 – Action plan for developing the financial system
FY 2008 – One short visit on TA assessment
FY 2008 – Two short visits on bank supervision and regulation
FY 2008 – One short visit on internal audit
FY 2010 – Three short visits on bank supervision and regulation
FY 2011 – Three short visits
FY 2011 – Two short visits on bank supervision and regulation
FY 2012 – One mission.
LEG
FY 2012 – Two missions.
FAD
Public financial management
FY 2007 – Short visit
FY 2009 – Short visit
FY 2010 – Short visit
FY 2011 – Short visit
FY 2012 – One short visit (MNRW TTF diagnostic)
Revenue administration
FY 2005 – One short visit
FY 2006 – One short visit
FY 2007 – One short visit
FY 2008 – One short visit
FY 2009 – One short visit
FY 2011 – One short visit (VAT diagnostics)
FY2012 – One short visit (MNRW TTF diagnostic)
Fiscal decentralization
FY 2005 – Short visit
Tax Policy
FY 2012 – One short visit (MNRW TTF diagnostic)
AFRITAC Central
Public financial management
FY 2009 – Four missions
FY 2010 – Three missions
FY 2011 – One mission
FY 2012 – Five missions and one short visit
Tax administration
FY 2008 – One mission
FY 2009 – Two missions
FY 2010 – Three missions
FY 2011 – Two missions
FY 2012 – One mission Bank supervision
FY 2008 – Three missions
FY 2009 – Three missions
FY 2010 – Three missions
FY 2011 – Two missions and one short visit
FY 2012 – Five missions Public debt
FY 2008 – One mission and one short visit
FY 2009 – One short visit
FY 2010 – Three missions Statistics
FY 2009 – One short visit
FY 2010 – Two missions
FY 2011 – One mission and one short visit
National Accounts
FY 2009 – One short visit
FY 2010– Two missions
FY 2011 –One mission and one short visit
FY 2012 – One mission
Long-term Resident Experts:
| Expenditure management | Mr. Catalan | Jan. 2002 - June 2004 |
| Mr. Bremeersch | Jan. 2002 - Jan. 2004 | |
| Mr. Nguenang | Sept. 2004 - July 2008 | |
| Tax administration | Mr. Fossat | Sept. 2005 - Jan. 2007 |
| VAT preparation and implementation | Mr. Ramarozatovo | Feb. 2011 - ongoing |
| Advisor to Governor of BCC | Mr. Nyssens | Jan. 2004 - Jan. 2005 |
| Mr. d’Ambrières | Feb. 2006 - June 2006 | |
| Mr. Traoré | June 2010 - ongoing | |
| Capacity building of BCC | Mr. Pauwels | Sept. 2004 - Mar. 2007 |
| Statistics | Mr. Métreau | Oct. 2004 - Oct. 2005 |
| Mr. Gbossa | Dec. 2005 - 2008 |
| Expenditure management | Mr. Catalan | Jan. 2002 - June 2004 |
| Mr. Bremeersch | Jan. 2002 - Jan. 2004 | |
| Mr. Nguenang | Sept. 2004 - July 2008 | |
| Tax administration | Mr. Fossat | Sept. 2005 - Jan. 2007 |
| VAT preparation and implementation | Mr. Ramarozatovo | Feb. 2011 - ongoing |
| Advisor to Governor of BCC | Mr. Nyssens | Jan. 2004 - Jan. 2005 |
| Mr. d’Ambrières | Feb. 2006 - June 2006 | |
| Mr. Traoré | June 2010 - ongoing | |
| Capacity building of BCC | Mr. Pauwels | Sept. 2004 - Mar. 2007 |
| Statistics | Mr. Métreau | Oct. 2004 - Oct. 2005 |
| Mr. Gbossa | Dec. 2005 - 2008 |
Resident Representative: Mr. Jahjah assumed his duties in January 2009.
II. JMAP Implementation Matrix
As of July 10, 2012
1. The IMF and World Bank teams discussed a joint managerial action plan under the JMAP initiative.
2. The World Bank’s FY13 work program entails additional financing for projects in the transport, health and governance sector as well as two new projects; (i) a civil service rejuvenation project and (ii) a growth poles project.
3. The IMF’s work program entails a three-year arrangement under the Extended Credit Facility (ECF) approved by the IMF’s Executive Board in December 2009 and an Art. IV consultation.
4. Both institutions are supporting an FSAP that could take place during FY14.
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III. Statistical Issues
| I. Assessment of Data Adequacy for Surveillance |
|---|
| General: Data provision to the Fund is broadly adequate for surveillance and program monitoring purposes, but upgrades to the national accounts, balance of payments, and government finance statistics would be helpful. In spite of difficulties, the authorities have continued to produce an array of economic and financial statistics, most of which are published in the annual report of the Central Bank of the Congo (BCC) or its monthly statistical bulletin. |
| National accounts: Annual national accounts are compiled in constant and current prices by the Directorate of Research of the BCC and published yearly. The compilation methodology conforms to the System of National Accounts 1968 (1968 SNA) and is based on the balance sheets of enterprises and surveys of public and semipublic enterprises and agencies, most of which date from the late 1980s. The activities of the traditional sector (including the informal sector) are estimated with extrapolation techniques using industry-specific data that are outdated. As a result, GDP is likely to be underestimated. With assistance from AFRITAC, work on the national accounts is underway to update the base year to 2005, incorporate the results of the 2004/5 1-2-3 household survey, as well as implement the methodological recommendations of the 1993 SNA. While outputs of this work remain to be validated and officially published, as expected, the 2005 GDP estimates show a considerable upward revision compared to previously published estimates. |
| Price statistics: Consumer price indices (CPI) are calculated for Kinshasa by the BCC, the National Statistics Institute (INS), the Institute of Economic and Social Research (IESR), and the Economics Section of the U.S. Embassy in Kinshasa. In December 2010, the BCC adopted a new harmonized-CPI index for Kinshasa based on the 2004/05 1-2-3 household survey. In 2012, the INS began publishing a national CPI index, based upon the 2004/05 1-2-3 household survey and prices prevailing in provincial capitals. |
| Government finance statistics: The BCC produces aggregated monthly statistics on a cash basis based on its own accounting for the government cash operations. The treasury produces two sets of monthly statistics based on its own records: one relates to the transactions executed through the BCC, the other set attempts to consolidate operations through commercial bank accounts and off-budget operations. These statistics do not rely on an integrated double-entry public accounting system and do not provide sufficient details about the nature of expenditures owing to problems in the expenditure chain. However, the treasury has started to produce quarterly expenditure data reports by ministry and institution. The current work on tax administration and expenditure control is expected to improve the quality and timeliness of fiscal statistics. In parallel with technical assistance on public expenditure management, a STA multisector statistics advisor has been advising on government finance statistics, producing improvements in the quality of the statistics. Furthermore, adoption of a simplified double-entry bookkeeping system should significantly improve the availability of data on government financial operations. In 2003 the DRC reported annual data up to 2002 for the IMF’s Government Finance Statistics Yearbook in the format of the Government Finance Statistics Manual 2001 but has not reported subsequently. However, work is underway to resume submission of data to the GFSY, beginning with data for 2010. |
| Monetary statistics: The BCC Directorate of Statistics regularly produces timely monetary statistics. These statistics are now generally reliable but some minor problems remain with the classification of accounts. Since STA money and banking statistics mission of June 2000, BCC reporting of data for publication in the IMF’s International Financial Statistics (IFS) has improved and monetary data are currently reported on time. A 2003 multisector statistics mission recommended a new chart of accounts for the BCC and other deposit-taking institutions, including the information needed for improved sectorization of economic units and classification of financial assets. The new chart of accounts for the central bank was applied beginning in 2007 and the new chart of accounts for commercial banks was applied in January 2011. The August 2009 MFS mission developed the new standardized report form (SRF) 1SR on central bank data. The December 2010 MFS mission developed the SRF 2SR on commercial bank data based on the past chart of accounts up to December 2010. The August 2011 mission developed and almost finalized SRF 2SR on commercial banks data based on the new chart of accounts. At this stage, source data from commercial banks are not fully reliable as respondents do not completely master the new sectoral chart of accounts yet. Also, some inconsistencies in reciprocal claims and liabilities between SRF 1SR and SRF 2SR must be reduced. An MFS mission, scheduled in FY2013, should occur by end-2012 and will help finalize the official migration to the SRFs format for data on central bank and data on other depository corporations, commercial banks at least. |
| Balance of payments: Annual balance of payments statistics are compiled with information on the exports and imports of large public and semipublic enterprises, BCC payment records, and a survey of the foreign operations of residents. The estimates also take account of information on the informal sector and foreign aid flows provided by the World Bank and the local UN Development Program office, which collects the data from the European Union, embassies, and nongovernmental organizations. In effect balance of payments statistics are compiled using data from different sources, supplemented by estimates. However, in September 2010, the authorities took decision to create an interministerial committee, lead by the central bank and also including representatives from customs, and the National Statistics Institute and key sectors, to improve the collection and the validation of balance of payment data and ensure its regular publication. No external sector data are reported to STA for publication. |
| II. Data Standards and Quality |
| Since April 24, 2004, the DRC participates in the General Data Dissemination System. The metadata needs to be updated. |
| I. Assessment of Data Adequacy for Surveillance |
|---|
| General: Data provision to the Fund is broadly adequate for surveillance and program monitoring purposes, but upgrades to the national accounts, balance of payments, and government finance statistics would be helpful. In spite of difficulties, the authorities have continued to produce an array of economic and financial statistics, most of which are published in the annual report of the Central Bank of the Congo (BCC) or its monthly statistical bulletin. |
| National accounts: Annual national accounts are compiled in constant and current prices by the Directorate of Research of the BCC and published yearly. The compilation methodology conforms to the System of National Accounts 1968 (1968 SNA) and is based on the balance sheets of enterprises and surveys of public and semipublic enterprises and agencies, most of which date from the late 1980s. The activities of the traditional sector (including the informal sector) are estimated with extrapolation techniques using industry-specific data that are outdated. As a result, GDP is likely to be underestimated. With assistance from AFRITAC, work on the national accounts is underway to update the base year to 2005, incorporate the results of the 2004/5 1-2-3 household survey, as well as implement the methodological recommendations of the 1993 SNA. While outputs of this work remain to be validated and officially published, as expected, the 2005 GDP estimates show a considerable upward revision compared to previously published estimates. |
| Price statistics: Consumer price indices (CPI) are calculated for Kinshasa by the BCC, the National Statistics Institute (INS), the Institute of Economic and Social Research (IESR), and the Economics Section of the U.S. Embassy in Kinshasa. In December 2010, the BCC adopted a new harmonized-CPI index for Kinshasa based on the 2004/05 1-2-3 household survey. In 2012, the INS began publishing a national CPI index, based upon the 2004/05 1-2-3 household survey and prices prevailing in provincial capitals. |
| Government finance statistics: The BCC produces aggregated monthly statistics on a cash basis based on its own accounting for the government cash operations. The treasury produces two sets of monthly statistics based on its own records: one relates to the transactions executed through the BCC, the other set attempts to consolidate operations through commercial bank accounts and off-budget operations. These statistics do not rely on an integrated double-entry public accounting system and do not provide sufficient details about the nature of expenditures owing to problems in the expenditure chain. However, the treasury has started to produce quarterly expenditure data reports by ministry and institution. The current work on tax administration and expenditure control is expected to improve the quality and timeliness of fiscal statistics. In parallel with technical assistance on public expenditure management, a STA multisector statistics advisor has been advising on government finance statistics, producing improvements in the quality of the statistics. Furthermore, adoption of a simplified double-entry bookkeeping system should significantly improve the availability of data on government financial operations. In 2003 the DRC reported annual data up to 2002 for the IMF’s Government Finance Statistics Yearbook in the format of the Government Finance Statistics Manual 2001 but has not reported subsequently. However, work is underway to resume submission of data to the GFSY, beginning with data for 2010. |
| Monetary statistics: The BCC Directorate of Statistics regularly produces timely monetary statistics. These statistics are now generally reliable but some minor problems remain with the classification of accounts. Since STA money and banking statistics mission of June 2000, BCC reporting of data for publication in the IMF’s International Financial Statistics (IFS) has improved and monetary data are currently reported on time. A 2003 multisector statistics mission recommended a new chart of accounts for the BCC and other deposit-taking institutions, including the information needed for improved sectorization of economic units and classification of financial assets. The new chart of accounts for the central bank was applied beginning in 2007 and the new chart of accounts for commercial banks was applied in January 2011. The August 2009 MFS mission developed the new standardized report form (SRF) 1SR on central bank data. The December 2010 MFS mission developed the SRF 2SR on commercial bank data based on the past chart of accounts up to December 2010. The August 2011 mission developed and almost finalized SRF 2SR on commercial banks data based on the new chart of accounts. At this stage, source data from commercial banks are not fully reliable as respondents do not completely master the new sectoral chart of accounts yet. Also, some inconsistencies in reciprocal claims and liabilities between SRF 1SR and SRF 2SR must be reduced. An MFS mission, scheduled in FY2013, should occur by end-2012 and will help finalize the official migration to the SRFs format for data on central bank and data on other depository corporations, commercial banks at least. |
| Balance of payments: Annual balance of payments statistics are compiled with information on the exports and imports of large public and semipublic enterprises, BCC payment records, and a survey of the foreign operations of residents. The estimates also take account of information on the informal sector and foreign aid flows provided by the World Bank and the local UN Development Program office, which collects the data from the European Union, embassies, and nongovernmental organizations. In effect balance of payments statistics are compiled using data from different sources, supplemented by estimates. However, in September 2010, the authorities took decision to create an interministerial committee, lead by the central bank and also including representatives from customs, and the National Statistics Institute and key sectors, to improve the collection and the validation of balance of payment data and ensure its regular publication. No external sector data are reported to STA for publication. |
| II. Data Standards and Quality |
| Since April 24, 2004, the DRC participates in the General Data Dissemination System. The metadata needs to be updated. |
The Democratic Republic of the Congo: Table of Common Indicators Required for Surveillance
(As of July 10, 2012)
Any reserves assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the national values of financial derivatives to pay and receive foreign currency, including those linked to a foreign curreny but settled by other means.
Both market-based and officially-determined, including discount rates, money markets rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
Including currency and maturity composition. In light of recent misreporting on external arrears, the authorities have agreed to henceforth report this data on a monthly basis.
Includes external gross financial asset and libility positions vis-à-vis nonresidents. Due to lack of capacity, this data is not provided by the DRC.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Irregular (I), Not available (NA).
The Democratic Republic of the Congo: Table of Common Indicators Required for Surveillance
(As of July 10, 2012)
| Date of latest observation | Date received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
|---|---|---|---|---|---|
| Exchange Rates | 10-Jul-12 | 10-Jul-12 | D | D | D |
| International Reserve Assets and Reserves | Apr-12 | Jun-12 | M | M | M |
| Liabilities of the Monetary Authorities1 | Apr-12 | Jun-12 | M | M | M |
| Reserve/Base money | Apr-12 | Jun-12 | M | M | M |
| Broad money | Apr-12 | Jun-12 | M | M | M |
| Central Bank Balance Sheet | Apr-12 | Jun-12 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Apr-12 | Jun-12 | M | M | M |
| Interest Rates2 | Apr-12 | Jun-12 | M | I | I |
| Consumer Price Index | 25-Jun-12 | 9-Jul-11 | W | W | W |
| Central Government revenue, expenditure and financing3 | Apr-11 | May-11 | M | M | M |
| Stock of Central Government and Central Government-Guaranteed Debt4 | 2011 | Jun-12 | A | A | I |
| External Current Account Balance | 12-Mar | Jun-12 | A | A | I |
| Exports and Imports of Goods and Services | Mar-12 | Jun-12 | A | A | I |
| GDP/GNP | 2011 | Jun-12 | A | A | I |
| Gross External Debt | 2011 | Jun-12 | A | A | I |
| International Investment Position5 | N/A | N/A | N/A | N/A | N/A |
Any reserves assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the national values of financial derivatives to pay and receive foreign currency, including those linked to a foreign curreny but settled by other means.
Both market-based and officially-determined, including discount rates, money markets rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
Including currency and maturity composition. In light of recent misreporting on external arrears, the authorities have agreed to henceforth report this data on a monthly basis.
Includes external gross financial asset and libility positions vis-à-vis nonresidents. Due to lack of capacity, this data is not provided by the DRC.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Irregular (I), Not available (NA).
The Democratic Republic of the Congo: Table of Common Indicators Required for Surveillance
(As of July 10, 2012)
| Date of latest observation | Date received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
|---|---|---|---|---|---|
| Exchange Rates | 10-Jul-12 | 10-Jul-12 | D | D | D |
| International Reserve Assets and Reserves | Apr-12 | Jun-12 | M | M | M |
| Liabilities of the Monetary Authorities1 | Apr-12 | Jun-12 | M | M | M |
| Reserve/Base money | Apr-12 | Jun-12 | M | M | M |
| Broad money | Apr-12 | Jun-12 | M | M | M |
| Central Bank Balance Sheet | Apr-12 | Jun-12 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Apr-12 | Jun-12 | M | M | M |
| Interest Rates2 | Apr-12 | Jun-12 | M | I | I |
| Consumer Price Index | 25-Jun-12 | 9-Jul-11 | W | W | W |
| Central Government revenue, expenditure and financing3 | Apr-11 | May-11 | M | M | M |
| Stock of Central Government and Central Government-Guaranteed Debt4 | 2011 | Jun-12 | A | A | I |
| External Current Account Balance | 12-Mar | Jun-12 | A | A | I |
| Exports and Imports of Goods and Services | Mar-12 | Jun-12 | A | A | I |
| GDP/GNP | 2011 | Jun-12 | A | A | I |
| Gross External Debt | 2011 | Jun-12 | A | A | I |
| International Investment Position5 | N/A | N/A | N/A | N/A | N/A |
Any reserves assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the national values of financial derivatives to pay and receive foreign currency, including those linked to a foreign curreny but settled by other means.
Both market-based and officially-determined, including discount rates, money markets rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
Including currency and maturity composition. In light of recent misreporting on external arrears, the authorities have agreed to henceforth report this data on a monthly basis.
Includes external gross financial asset and libility positions vis-à-vis nonresidents. Due to lack of capacity, this data is not provided by the DRC.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Irregular (I), Not available (NA).
Formerly 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.