The International Monetary Fund (IMF) and the Democratic Republic of Congo (DRC) have reached an agreement on two new loan programmes totalling nearly $3 billion, the Washington-based financial institution revealed on Wednesday.
The IMF announced the deal following a two-week mission to the DRC, aimed at finalising initiatives to support the country’s economic growth and facilitate a green transition.
The first loan, an Extended Credit Facility (ECF) valued at approximately $1.8 billion, is designed to stimulate economic growth, drive diversification, create jobs, improve living conditions, enhance governance, and reduce poverty.
The second programme called the Resilience and Sustainability Facility (RSF), will provide around $1.1 billion to support the DRC’s vision of becoming a “solution country” in the global shift towards a low-carbon economy, while also bolstering its defences against climate-related risks.
Both programmes are set to run for three years and are pending approval from the IMF’s executive board, which is expected to make a decision in mid-January. While board approval is typically a formal step, disagreements are usually resolved by member states beforehand.
