Republic of Congo: Second Review under the Three-year Extended Credit Facility Arrangement, Requests for Modification and Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo
February 15, 2023
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Republic of Congo: Second Review under the Three-year Extended Credit Facility Arrangement, Requests for Modification and Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo, (USA: International Monetary Fund, 2023) accessed November 26, 2024
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Summary
Strengthened economic recovery remains fragile amid high food inflation, driven by increased import costs following Russia’s war in Ukraine. High global oil prices are benefitting the Congo’s crude oil exports but higher refined fuel import costs were subsidized by the government, widening the 2022 non-oil fiscal deficit. Sustained reform efforts are needed for economic diversification, which would reduce Congo’s fragilities, create jobs, and raise incomes. Debt remains sustainable but classified as “in distress” due to arrears; a financing assurances review was conducted. The first review of the three-year Extended Credit Facility (ECF) arrangement (SDR 324 million, 200 percent of quota) was concluded by the IMF Executive Board on June 24, 2022.
Publication Details
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Pages:
124
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Volume:
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DOI:
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Issue:
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Series:
Country Report No. 2023/089
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Stock No:
1COGEA2023001
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ISBN:
9798400231926
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ISSN:
1934-7685
