Relations with the IMF

As of June 30, 2015

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

View Table

	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	345.47	67.63

View Table

	SDR Million	Percent of Quota
Net cumulative allocation	510.86	100.0
Holdings	345.47	67.63

Outstanding Purchases and Loans:

	SDR Million	Percent of Quota
ESF RAC loan	106.60	20.00
ECF Arrangement	195.69	36.72

View Table

	SDR Million	Percent of Quota
ESF RAC loan	106.60	20.00
ECF Arrangement	195.69	36.72

Latest Financial Arrangements:

Type	Approval Date	Expiration Date	Amount Approved (SDR Million)	Amount Drawn (SDR Million)
ECF24, 25	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

View Table

Type	Approval Date	Expiration Date	Amount Approved (SDR Million)	Amount Drawn (SDR Million)
ECF24, 25	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

Projected Payments to Fund:²⁶

(SDR million; based on existing use of resources and present holdings of SDRs):

	Forthcoming
	2015	2016	2017	2018	2019
Principal	20.94	56.35	66.24	66.24	52.92
Charges/interest	0.04	0.09	0.22	0.16	0.25
Total	20.99	56.44	66.47	66.40	53.17

View Table

	Forthcoming
	2015	2016	2017	2018	2019
Principal	20.94	56.35	66.24	66.24	52.92
Charges/interest	0.04	0.09	0.22	0.16	0.25
Total	20.99	56.44	66.47	66.40	53.17

Implementation of HIPC Initiative:

I. Commitment of HIPC assistance		Enhanced Framework
	Decision point date	July 2003
	Assistance committed by all creditors (US$ millions)27	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 income28	50.44
	Total disbursements	330.74

View Table

I. Commitment of HIPC assistance		Enhanced Framework
	Decision point date	July 2003
	Assistance committed by all creditors (US$ millions)27	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 income28	50.44
	Total disbursements	330.74

Implementation of MDRI Assistance:

I. MDRI-eligible debt (SDR Million)29		248.08
	Financed by: MDRI Trust	0.00
	Remaining HIPC resources	248.08
II. Debt Relief by Facility (SDR Million)

View Table

I. MDRI-eligible debt (SDR Million)29		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

View Table

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 (CDF). The de jure exchange rate arrangement is floating, although the Fund classifies the de facto exchange rate arrangement as “stabilized.” At end-July 2015, the rate was US$1=CF 924.89. 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 provided for in 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 June 9, 2014.

Safeguards Assessment:

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 is providing technical assistance to support the recapitalization efforts. The transition process to a new financial reporting framework has been significantly delayed; the BCC now aims to issue their 2015 financial statements in accordance with IFRS.

Technical Assistance:

STA

The focus of the assistance is placed on developing national accounts, including data, compilation, and methodology. STA has provided support to finalize national accounts consistent with the System of National Accounts 93 for several years up to 2013.

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.

FY 2013 – National accounts (three missions), balance of payments (one mission)

FY 2014 – Balance of payments (one mission)

FY 2015 – National accounts (3 missions) and monetary statistics (one mission)

MCM

TA has been informed by the 2013 FSAP recommendations and focusing, mainly, on BCC modernization process, banking supervision, reinforcing BCC collateral framework, and implementing a two-way foreign exchange auction.

Capacity building assistance to the central bank

FY 2012 – One mission (TA needs assessment)

FY 2013 – One mission

FY 2014 – One mission

FY 2015 – One mission

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)

FY 2013 – Two missions and four short visits (of which three on upgrading the financial framework)

FY 2014 – One mission

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

FY 2013 – Six short visits on bank supervision and regulation

FY 2014 – Two missions and one short visit on bank supervision and regulation

FY 2015 – One mission

LEG

FY 2012 – Two missions (Central Banking and Bank Resolution)

FAD

Simplification of the tax system—notably tax incentives and the myriad of fees and charges that hinder the business climate—remains a key priority, along with better mobilization of mining sector revenue through a new Mining Code and tighter customs control. Although authorities have started to streamline fees and charges, much remains to be done and progress is slow given administrative obstacles. Customs and VAT measures are largely administrative in nature and depend on the political capacity of authorities to bring all potential taxpayers in the tax net. Other priorities include: (i) reinforcing the administration of revenue collected from extractive industries (EI) and VAT administration, and improving customs operations and (ii) consolidating the state budget, the medium-term budget framework (MTBF) and the medium-term expenditure framework (MTEF).

Public financial management

FY 2007 – Short-term expert visit

FY 2009 – One mission and one short- term expert visit

FY 2010 – Short –term expert visit

FY 2011 – One mission

FY 2012 – One mission (MNRW TTF diagnostic) and one short-term expert visit (JSA)

FY 2013 – One mission and three short-term expert visits (all MNRW TTF)

FY 2014 – Two short-term expert visits (all MNRW TTF)

FY 2015 – One mission

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)

FY 2012 – One short visit (MNRW TTF diagnostic)

FY 2013 – Eight visits (on which three on MNRW)

FY 2014 – One mission

FY 2015 – Three missions

Fiscal decentralization

FY 2005 – Short visit.

Tax Policy

FY 2012 – One short visit (MNRW TTF diagnostic)

FY 2013 – Two short visits

FY 2014 – Two short-term expert visits.

FY 2015 – One mission.

AFRITAC Central

Technical assistance efforts have been focusing on improving tax administration; strengthening of tax audits and enhancement of research activities with a view of the broadening the tax base; improving public debt management macroeconomic statistics; streamlining and compiling national accounts systems; and supporting banking supervision and financial stability, including training of newly recruited banking supervisors.

Public financial management

FY 2009 – Four missions

FY 2010 – Four missions

FY 2011 – One mission

FY 2012 – Four missions

FY 2013 – Four missions

FY 2014 – Two missions

FY 2015 – Four missions

Tax and Customs administration

FY 2008 – One mission

FY 2009 – Four missions

FY 2010 – Four missions

FY 2011 – Two missions

FY 2012 – Two missions

FY 2013 – Two missions

FY 2014 – Three missions

FY 2015 – Six missions

Bank supervision and financial stability

FY 2008 – Four missions

FY 2009 – Three missions

FY 2010 – Three missions

FY 2011 – Three missions

FY 2012 – Three missions

FY 2013 – Five missions

FY 2014 – Four missions

FY 2015 – Six missions

Public debt

FY 2008 – Two missions

FY 2009 – One mission

FY 2010 – Three missions

FY 2013 – One mission

FY 2014 – Two missions

FY 2015 – Two missions

Macroeconomic Statistics and National Accounts

FY 2010 – Two missions

FY 2011 – Two mission

FY 2012 – One mission

FY 2013 – Two missions

FY 2014 – Two missions

FY 2015 – Three missions

Long-term Resident Experts:

Expenditure management	Mr. Catalan	Jan. 2002 – June 2004
	Mr. Nguenang	Sept. 2004 – July 2008
Tax administration	Mr. Fossat	Sept. 2005 – Jan. 2007
VAT preparation and	Mr. Ramarozatovo	Feb. 2011 – July 2013
implementation
Customs administration	Mr. Bremeersch	Jan. 2002 – Jan. 2004
Advisor to Governor of BCC	Mr. Nyssens	Jan. 2004 – Jan. 2005
	Mr. d’Ambrières	Feb. 2006 – June 2006
	Mr. Traoré	June 2010 – May 2015
Capacity building of BCC	Mr. Pauwels	Sept. 2004 – Mar. 2007
Statistics	Mr. Métreau	Oct. 2004 – Oct. 2005
	Mr. Gbossa	Dec. 2005 – Dec. 2008

View Table

Expenditure management	Mr. Catalan	Jan. 2002 – June 2004
	Mr. Nguenang	Sept. 2004 – July 2008
Tax administration	Mr. Fossat	Sept. 2005 – Jan. 2007
VAT preparation and	Mr. Ramarozatovo	Feb. 2011 – July 2013
implementation
Customs administration	Mr. Bremeersch	Jan. 2002 – Jan. 2004
Advisor to Governor of BCC	Mr. Nyssens	Jan. 2004 – Jan. 2005
	Mr. d’Ambrières	Feb. 2006 – June 2006
	Mr. Traoré	June 2010 – May 2015
Capacity building of BCC	Mr. Pauwels	Sept. 2004 – Mar. 2007
Statistics	Mr. Métreau	Oct. 2004 – Oct. 2005
	Mr. Gbossa	Dec. 2005 – Dec. 2008

Resident Representative: Mr. Melhado Orellana assumed his duties in October 2012 and he will be replaced by Mr. Nicholas Staines who has been assigned for three years starting on September 2015.

Jmap Implementation Matrix

As of April 30, 2014

2. The Fund and World Bank teams liaise to support the joint managerial action plan (JMAP) initiative. The World Bank’s FY15–17 work program entails projects directed at strengthening the poverty reduction efforts being implemented by the authorities and improving governance (Tables 1 and 2). The Fund’s work program entails Article IV consultations. Both institutions provide technical assistance to help in the implementation of FSAP recommendations.

Table 1.

Indicative FY15–FY17 Non-lending Program

Table 1.

Indicative FY15–FY17 Non-lending Program

Activities
Skills for Agriculture and Mining (FY15–16)
Congo Basin Timber (FY15–16)
Review of the Forest Sector of the DRC (FY15–16)
DRC Spatial Development (FY14–16)
DRC-ASA Sub-National Governance (FY16–17)
Support to DRC Gov in the Procurement-UCS (FY16)
DRC - Economic Update (FY16/17 each)
DRC-PEMFAR Dissemination/Implementation. Model (FY15–16)
DRC-Sub-National Economic Analysis Program (FY16–FY17)
DRC- Poverty Assessment (FY15–16)
DRC-Jobs (FY16–17)
National Social Protection Strategy (FY15–16)
Support to the Land Sector Review (FY15–16)
DRC-Urbanization Review (FY16)
DRC-Promoting Investment. in agriculture (FY16)
DRC-Doing Business Reforms Coordination (FY16–17)
TA on domestic revenue GAP Assessment (FY16–17)
TA on Provincial PEFA (FY16) MDTF
TA on Public Investment Efficiency (FY16–17) – MDTF

View Table

Table 1.

Indicative FY15–FY17 Non-lending Program

Activities
Skills for Agriculture and Mining (FY15–16)
Congo Basin Timber (FY15–16)
Review of the Forest Sector of the DRC (FY15–16)
DRC Spatial Development (FY14–16)
DRC-ASA Sub-National Governance (FY16–17)
Support to DRC Gov in the Procurement-UCS (FY16)
DRC - Economic Update (FY16/17 each)
DRC-PEMFAR Dissemination/Implementation. Model (FY15–16)
DRC-Sub-National Economic Analysis Program (FY16–FY17)
DRC- Poverty Assessment (FY15–16)
DRC-Jobs (FY16–17)
National Social Protection Strategy (FY15–16)
Support to the Land Sector Review (FY15–16)
DRC-Urbanization Review (FY16)
DRC-Promoting Investment. in agriculture (FY16)
DRC-Doing Business Reforms Coordination (FY16–17)
TA on domestic revenue GAP Assessment (FY16–17)
TA on Provincial PEFA (FY16) MDTF
TA on Public Investment Efficiency (FY16–17) – MDTF

Table 2.

Indicative FY15–FY17 Financing Program (IDA, Grants, and Regional Programs)

Notes: AF: Additional Financing; * Combined national and regional allocation.

Table 2.

Indicative FY15–FY17 Financing Program (IDA, Grants, and Regional Programs)

FY15		FY16		FY17
Project	US$ million	Project	US$ million	Project	US$ million
Health System Strengthening	220	Statistics Development	45	Rural Electrification	100
Education Quality – Secondary	200	Expansion of Eastern Recovery and Regional Displacement Project*	79	AF to Urban Project (scale up to additional cities in the East)
Reinsertion and Reintegration (P152903)	15	AF Urban Water Supply	150	Follow on to basic education ($100m from GPE)
Goma Airport	52	AF to expansion of HD systems (AF to AG Rehab)	30 50	Public sector strengthening in decentralized env. (PFM/PRCGAP)	100
Great Lakes CAB 5 Project	33	4-Great Lakes Trade Facilitation Program – phase 1	11	Inga 3 BC development ($350 natl/ $650 regional)
		AF to Pro-Routes (national with regional component)*	70	Great Lakes SGBV - Phase 2	7
		Great Lakes Ag Program (regional with national component)*	100	Great Lakes Cross-border Trade Facilitation- Phase 2	8
IDA Total (US$m)	520		535		215

Notes: AF: Additional Financing; * Combined national and regional allocation.

View Table

Table 2.

Indicative FY15–FY17 Financing Program (IDA, Grants, and Regional Programs)

FY15		FY16		FY17
Project	US$ million	Project	US$ million	Project	US$ million
Health System Strengthening	220	Statistics Development	45	Rural Electrification	100
Education Quality – Secondary	200	Expansion of Eastern Recovery and Regional Displacement Project*	79	AF to Urban Project (scale up to additional cities in the East)
Reinsertion and Reintegration (P152903)	15	AF Urban Water Supply	150	Follow on to basic education ($100m from GPE)
Goma Airport	52	AF to expansion of HD systems (AF to AG Rehab)	30 50	Public sector strengthening in decentralized env. (PFM/PRCGAP)	100
Great Lakes CAB 5 Project	33	4-Great Lakes Trade Facilitation Program – phase 1	11	Inga 3 BC development ($350 natl/ $650 regional)
		AF to Pro-Routes (national with regional component)*	70	Great Lakes SGBV - Phase 2	7
		Great Lakes Ag Program (regional with national component)*	100	Great Lakes Cross-border Trade Facilitation- Phase 2	8
IDA Total (US$m)	520		535		215

Notes: AF: Additional Financing; * Combined national and regional allocation.

Statistical Issues

I. Assessment of Data Adequacy for Surveillance

General: Data provision to the Fund is broadly adequate (category B as per SM/13/155) 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 (ANA) are compiled in constant and current prices by National Institute of Statistics (INS) under the Ministry of Plan with the technical assistance (TA) from IMF/AFC. The compilation methodology has then changed since 2006 with the use of ERETES software and the compilation of definitive ANA for 2005 and 2006 in compliance with the System of National Accounts 1993 (1993 SNA) (implying an upward revision of GDP by about 60 percent). The insufficient human resources pushes the authorities of INS to temporary suspend the use of the ERETES software. The INS compiles then ANA for 2007 to 2009 on a light system with Microsoft Excel. The use of ERETES software is resumed in 2013 for the compilation of 2010 definitive ANA which are ongoing. Once the 2010 definitive ANA are achieved a provisional ANA system is supposed to be based on that 2010 ANA to compile 2011, 2012, 2013 etc. accounts.

Price statistics: Consumer price indices (CPI) are calculated for Kinshasa by the INS, the BCC, the Institute of Economic and Social Research (IESR), and the Economics Section of the U.S. Embassy in Kinshasa. In 2011, the INS started to compile CPI data Country wide using weights calculated on the basis of the 2005 household survey. Prices are collected in the 11 provinces (the BCC in 2013 began the compilation of a similar CPI using a slightly different basket and different weights and based on prices in 5 provinces).

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: Monetary and financial statistics (MFS) are compiled and reported to the Fund by the BCC Directorate of Statistics. These statistics are now generally reliable but institutional coverage, source data, and timeliness issues remain to be addressed.

The BCC has improved data compilation with the adoption in 2007 and 2011 of new charts of accounts for the central bank and commercial banks, respectively. The sectorization of institutional units and the classification of financial assets used in these new charts of accounts are broadly in line with the Fund’s Monetary and Financial Statistics Manual’s methodology. In September 2013, the BCC completed migration to the Standardized Report Forms (SRFs) for the submission of its MFS to the Fund. Since then, SRF-based monetary statistics have been reported to STA for publication in IFS.

Despite this progress, MFS data are still in need of improvements in terms of financial institution coverage, source data reliability, and the timeliness for reporting the data to the Fund. The depository corporation survey does not include data from non-bank deposit taking institutions, a growing sector in the country. In addition, source data from commercial banks are not fully reliable as respondents do not completely master the new sectoral chart of accounts yet. Similarly, the data is reported with delays of up to five months in a package that include several months. Only when STA send reminders, does the BCC submit the data.

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. In February 2012, the authorities created 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.

II. Data Standards and Quality

Since April 24, 2004, the DRC participates in the General Data Dissemination System. The metadata needs to be updated.

View Table

I. Assessment of Data Adequacy for Surveillance

General: Data provision to the Fund is broadly adequate (category B as per SM/13/155) 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 (ANA) are compiled in constant and current prices by National Institute of Statistics (INS) under the Ministry of Plan with the technical assistance (TA) from IMF/AFC. The compilation methodology has then changed since 2006 with the use of ERETES software and the compilation of definitive ANA for 2005 and 2006 in compliance with the System of National Accounts 1993 (1993 SNA) (implying an upward revision of GDP by about 60 percent). The insufficient human resources pushes the authorities of INS to temporary suspend the use of the ERETES software. The INS compiles then ANA for 2007 to 2009 on a light system with Microsoft Excel. The use of ERETES software is resumed in 2013 for the compilation of 2010 definitive ANA which are ongoing. Once the 2010 definitive ANA are achieved a provisional ANA system is supposed to be based on that 2010 ANA to compile 2011, 2012, 2013 etc. accounts.

Price statistics: Consumer price indices (CPI) are calculated for Kinshasa by the INS, the BCC, the Institute of Economic and Social Research (IESR), and the Economics Section of the U.S. Embassy in Kinshasa. In 2011, the INS started to compile CPI data Country wide using weights calculated on the basis of the 2005 household survey. Prices are collected in the 11 provinces (the BCC in 2013 began the compilation of a similar CPI using a slightly different basket and different weights and based on prices in 5 provinces).

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: Monetary and financial statistics (MFS) are compiled and reported to the Fund by the BCC Directorate of Statistics. These statistics are now generally reliable but institutional coverage, source data, and timeliness issues remain to be addressed.

The BCC has improved data compilation with the adoption in 2007 and 2011 of new charts of accounts for the central bank and commercial banks, respectively. The sectorization of institutional units and the classification of financial assets used in these new charts of accounts are broadly in line with the Fund’s Monetary and Financial Statistics Manual’s methodology. In September 2013, the BCC completed migration to the Standardized Report Forms (SRFs) for the submission of its MFS to the Fund. Since then, SRF-based monetary statistics have been reported to STA for publication in IFS.

Despite this progress, MFS data are still in need of improvements in terms of financial institution coverage, source data reliability, and the timeliness for reporting the data to the Fund. The depository corporation survey does not include data from non-bank deposit taking institutions, a growing sector in the country. In addition, source data from commercial banks are not fully reliable as respondents do not completely master the new sectoral chart of accounts yet. Similarly, the data is reported with delays of up to five months in a package that include several months. Only when STA send reminders, does the BCC submit the data.

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. In February 2012, the authorities created 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.

II. Data Standards and Quality

Since April 24, 2004, the DRC participates in the General Data Dissemination System. The metadata needs to be updated.

Democratic Republic of the Congo: Table of Common Indicators Required for Surveillance

(as of July 13, 2015)

¹Any 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 currency but settled by other means.

² Both market-based and officially-determined, including discount rates, money markets rates, rates on treasury bills, notes and bonds.

³ Foreign, domestic bank, and domestic nonbank financing.

⁴ Including currency and maturity compostion.

⁵ Includes external gross financial asset and liability positions vis-à-vis nonresidents.

⁶ Daily (D). Weekly (W). Monthly (M). Quarterly (Q). Irregular (I). Not available (NA).

Democratic Republic of the Congo: Table of Common Indicators Required for Surveillance

(as of July 13, 2015)

	Date of latest observation	Date Received	Frequency of Data 6	Frequency of Reporting 6	Frequency of Publication 6
Exchange Rates	7-Jul-15	7-Jul-15	D	W	D
International Reserve Assets and Reserves	15-Jun	15-Jun	M	M	M
Liabilities of the Monetary Authorities 1	15-Jun	15-Jun	M	M	M
Reserve/Base money	15-Jun	15-Jun	M	M	M
Broad money	15-Jun	15-Jun	M	M	M
Central Bank Balance Sheet	15-Jun	15-Jun	M	M	M
Consolidated Balance Sheet of the Banking System	15-Jun	15-Jun	M	M	M
Interest Rates 2	15-Jun	15-Jun	M	M	M
Consumer Price Index	15-Jun	15-Jun	M	M	M
Central Government Revenue, Expenditure, and	14-Dec	15-Jun	M	M	M
Financing 3
Stock of Central Government and Central	2014	15-Jun	A	A	I
Government-Guaranteed Debt 4
External Current Account Balance	2014	15-Jun	A	A	I
Exports and Imports of Goods and Services	2014	15-Jun	A	A	I
GDP/GNP	2014	15-Jun	A	A	I
Gross External Debt	2014	15-Jun	A	A	I
International Investment Position 5	NA	NA	NA	NA	NA

¹Any 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 currency but settled by other means.

² Both market-based and officially-determined, including discount rates, money markets rates, rates on treasury bills, notes and bonds.

³ Foreign, domestic bank, and domestic nonbank financing.

⁴ Including currency and maturity compostion.

⁵ Includes external gross financial asset and liability positions vis-à-vis nonresidents.

⁶ Daily (D). Weekly (W). Monthly (M). Quarterly (Q). Irregular (I). Not available (NA).

View Table

Democratic Republic of the Congo: Table of Common Indicators Required for Surveillance

(as of July 13, 2015)

	Date of latest observation	Date Received	Frequency of Data 6	Frequency of Reporting 6	Frequency of Publication 6
Exchange Rates	7-Jul-15	7-Jul-15	D	W	D
International Reserve Assets and Reserves	15-Jun	15-Jun	M	M	M
Liabilities of the Monetary Authorities 1	15-Jun	15-Jun	M	M	M
Reserve/Base money	15-Jun	15-Jun	M	M	M
Broad money	15-Jun	15-Jun	M	M	M
Central Bank Balance Sheet	15-Jun	15-Jun	M	M	M
Consolidated Balance Sheet of the Banking System	15-Jun	15-Jun	M	M	M
Interest Rates 2	15-Jun	15-Jun	M	M	M
Consumer Price Index	15-Jun	15-Jun	M	M	M
Central Government Revenue, Expenditure, and	14-Dec	15-Jun	M	M	M
Financing 3
Stock of Central Government and Central	2014	15-Jun	A	A	I
Government-Guaranteed Debt 4
External Current Account Balance	2014	15-Jun	A	A	I
Exports and Imports of Goods and Services	2014	15-Jun	A	A	I
GDP/GNP	2014	15-Jun	A	A	I
Gross External Debt	2014	15-Jun	A	A	I
International Investment Position 5	NA	NA	NA	NA	NA

¹Any 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 currency but settled by other means.

² Both market-based and officially-determined, including discount rates, money markets rates, rates on treasury bills, notes and bonds.

³ Foreign, domestic bank, and domestic nonbank financing.

⁴ Including currency and maturity compostion.

⁵ Includes external gross financial asset and liability positions vis-à-vis nonresidents.

⁶ Daily (D). Weekly (W). Monthly (M). Quarterly (Q). Irregular (I). Not available (NA).