(Ecofin Agency) – Since January 2022, Congo has been carrying out an economic reform program supervised by the IMF, aimed at strengthening the resilience of its economy. At the end of the program review, the Fund welcomed the progress made in the area of budgetary consolidation and structural reforms.
Economic growth in the Republic of Congo is expected to reach 2.6% in 2024. This is declared the International Monetary Fund (IMF), following a two-week mission as part of the 6th review of the financial program under the Extended Credit Facility (ECF).
In a communiqué published on Thursday, November 7, the Fund explains that this projection remains “ moderate » due to difficulties in the oil sector. However, he stressed that in the medium term, growth should accelerate, notably thanks to sectors other than oil, which continue to perform well.
The Bretton Woods institution welcomed the progress made by the Congolese authorities under the current program.
« Progress has been made on policy measures to accelerate fiscal consolidation and advance the implementation of the structural reform program ”, she indicated, adding that “Structurally, the government will continue to focus on restoring adequate execution of social and investment spending, improving debt and public finance management, promoting transparency and governance and continued diversification .
The program also includes proactive debt management, in a context where the Congolese authorities recently launched a voluntary rearrangement of 2,314 billion FCFA (around $3.8 billion) of Treasury bills in local currency. Aimed at alleviating pressure on public finances, this initiative is part of the measures taken to deal with persistent financial tensions.
In January 2022, the Congolese government committed to a 36-month economic program under the ECFwith a view to reducing fragilities and placing Congo on the path to more resilient and more inclusive growth. The agreement between Brazzaville and the monetary institution will ultimately allow the country to obtain a loan of around $455 million.
Charlene N’dimon
