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Republic of Congo: Request for an Extension of the Extended Credit Facility Arrangement-Staff Report
Author:
International Monetary Fund. African Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2025: Issue 024
Language:
English
Publication Date:
28 Jan 2025
DOI:
https://doi.org/10.5089/9798229000055.002
ISBN:
9798229000055
ISSN:
1934-7685
Pages:
4
Keywords:
IMF's transparency policy; ECF arrangement; liquidity pressure; ECF review; reform progress; filets Sociaux; Inclusive growth; Government debt management; Revenue mobilization; Liquidity
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This paper focuses on Congo’s Request for an Extension of the Extended Credit Facility Arrangement. The extension seeks to allow sufficient time to complete the sixth (and final) review. Preliminary data suggest that program performance at end-June 2024 was mixed. All end-June 2024 quantitative performance criteria were met, but the continuous zero ceiling on new external arrears was breached while several indicative targets were missed. The authorities reaffirmed their commitment to fiscal prudence to alleviate ongoing liquidity pressures and preserve the gains achieved under the Extended Credit Facility (ECF). Fiscal consolidation will continue in 2025 supported by improved nonhydrocarbon revenue mobilization and expenditure rationalization, while protecting targeted poverty-reducing spending. The authorities concurred that laying the foundations for a sustainable and inclusive growth requires stepping up the implementation of structural reforms to strengthen debt management practices, enhance governance, accelerate economic diversification, and build a climate-proof economy. IMF supports the authorities’ request for an extension of the ECF arrangement.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund