Republic of Congo: Request for an Extension of the Extended Credit Facility Arrangement-Staff Report

International Monetary Fund

No 2025/024, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper focuses on Congo’s Request for an Extension of the Extended Credit Facility Arrangement. The extension seeks to allow sufficient time to complete the sixth (and final) review. Preliminary data suggest that program performance at end-June 2024 was mixed. All end-June 2024 quantitative performance criteria were met, but the continuous zero ceiling on new external arrears was breached while several indicative targets were missed. The authorities reaffirmed their commitment to fiscal prudence to alleviate ongoing liquidity pressures and preserve the gains achieved under the Extended Credit Facility (ECF). Fiscal consolidation will continue in 2025 supported by improved nonhydrocarbon revenue mobilization and expenditure rationalization, while protecting targeted poverty-reducing spending. The authorities concurred that laying the foundations for a sustainable and inclusive growth requires stepping up the implementation of structural reforms to strengthen debt management practices, enhance governance, accelerate economic diversification, and build a climate-proof economy. IMF supports the authorities’ request for an extension of the ECF arrangement.

Keywords: IMF's transparency policy; ECF arrangement; liquidity pressure; ECF review; reform progress; filets Sociaux; Inclusive growth; Government debt management; Revenue mobilization; Liquidity (search for similar items in EconPapers)
Pages: 4
Date: 2025-01-28
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