Democratic Republic of the Congo: Staff Report for the 2019 Article IV Consultation—Informational Annex

2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of the Congo


2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of the Congo

Relations with the IMF

As of May 31, 2019 Membership Status: Joined September 28, 1963; Article VIII

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Latest Financial Arrangements:

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Projected Payments to Fund:3 (SDR million; based on existing use of resources and present holdings of SDRs):

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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 1639.0. 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 11, 2015.

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 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.

Statistical Issues

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

(as of July 10, 2019)

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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 market rates; and rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

Including currency and maturity composition.

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

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


Formerly Poverty Reduction and Growth Facility (PRGF).


Three reviews were concluded (of which two were associated with non-complying purchases on account of misreporting on external arrears for which the Fund granted waivers) and the last three reviews were not concluded because of governance concerns in the management of natural resources.


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.