On Monday, the Minister of Finance of the Holy Union, Nicolas Kazadi, obtained 3 new IMF resident representatives, Gabriel Leost. He advised him that the Democratic Republic of Congo wished to become involved as quickly as potential in a program with the Worldwide Financial Fund and get pleasure from help that might exceed one and a half billion {dollars} over three years. Goal: to current its case to the IMF Board from the primary week of July and to extract its settlement for the signing of a proper program this yr.
All the pieces has to go very quick and the discussions ought to begin at the top of the week. The Democratic Republic of Congo nonetheless has the situations to fulfill earlier than it might probably begin these negotiations on the formal program with the Worldwide Financial Fund. Whereas the requested mining contracts have been printed, amongst different issues, the institution of the central financial institution’s board stays, as supplied for within the 2018 regulation, however the federal government may also must be clear within the administration of the Covid response fund, with publication of contracts and the names of a few of their beneficiaries.
The Democratic Republic of Congo had made a number of commitments when, only a yr in the past, it obtained about $ 360 million from the IMF to struggle the pandemic. Earlier than the top of Could or the start of June, the Congolese Authorities and the Fund should agree on the content material of the reforms to be carried out beneath the three-year program.
It’s in trade for respecting all these measures that the DRC can obtain greater than $ 500 million every year, but in addition obtain different funding from its companions. However earlier than that, the IMF is anticipated to supply multiple and a half billion {dollars} in help to the Democratic Republic of Congo, unconditionally, in the course of the basic allocation of particular drawing rights.
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