The governor of the Central Bank of Congo (BCC), Deogratias Mutombo announces the arrival in Kinshasa of a mission of the International Monetary Fund (IMF) for consultations under Article 4 of the IMF’s statutes. During their stay, IMF experts will review the macroeconomic situation in the Democratic Republic of Congo before considering any financial support from the IMF for the state budget.
He said it during a press conference on Tuesday, April 30, after the meeting of the Monetary Policy Committee (MPC). The mission of the IMF experts will be spread over the period from May 22 to June 4, 2019. This mission of the IMF will also be able to visit the province of Katanga.
“Generally speaking, these consultation missions under Article 4 of the IMF’s statutes generally consist of an assessment of the country’s macro-economic situation. More specifically, this mission will focus on strengthening the institutional governance framework, domestic resource mobilization, public financial management, public debt management, management of government investment spending, social spending but also on the business climate, “said the governor of the BCC, before adding that the conclusion or not of a formal partnership with the IMF depends on the outcome of the IMF mission in Kinshasa.
“Services from the IMF’s Africa Department also told us that our negotiations on the conclusion of the government’s economic program supported by the IMF will only be initiated after the Board’s review and validation in the third quarter of 2019. D ‘where the interest for the DRC to prepare well this mission,’ added Deogratias Mutombo.
For Deogratias Mutombo, the arrival of the IMF mission in the DRC is the fulfillment of the promise made by the IMF Managing Director, Christine Lagarde to President Felix Tshisekedi, during their meeting in early April in Washington (United States).
Since December 2012, the IMF has suspended its formal program with the Democratic Republic of Congo, following the opacity in the management of revenues from the mining sector. Some 7 years later, the Congolese authorities decided to resume discussions with this international financial institution. Discussions that may lead to the conclusion of a formal program with the IMF in order to hope for budget support.