March 25, 2023

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DRC: IMF revises upward economic growth forecasts

The International Monetary Fund (IMF) has revised the Democratic Republic of the Congo (DRC)’s economic growth forecast. The company now expects 5.4% and 6.2% rates in 2021 and 2022, respectively.

“Despite the lingering COVID-19 epidemic, the economy is recovering,” the fund said in a press release issued following a mission in Kinshasa between October 20 and 27, 2021, for the first review of the three-year agreement. Extended Credit Facility (ECF).

Last May, the company confirmed that the Congolese economy, mainly mining, is projected to grow by 4.7% in 2021, after growing by 1.7% in 2020, “expanding the writing sector by almost 10%.%”. He said the epidemic has had a negative impact on public funds (revenue and expenditure).

The IMF calls its new growth forecast “higher than expected mining output” and “re-growth in non-excluded sectors”.

For its part, Moody’s on October 18 confirmed the Caa1 rating by the DRC government’s longtime provider, raising its outlook from stable to positive.

“This positive outlook recognizes the solid economic outlook for the DRC driven by the mining sector and the potential for improving the economic downturn by implementing structural reforms under the current IMF plan,” the Minister said.

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