Republic of Congo: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo

October 5, 2021

Preview Citation

Format: Chicago

Republic of Congo: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo, (USA: International Monetary Fund, 2021) accessed November 16, 2024

Also available in: français

Summary

The COVID-19 pandemic and oil price shocks have taken a deep toll on the Congolese economy, weighing on incomes and inequality. Debt sustainability challenges precluded Fund financial assistance during the pandemic, and the Extended Credit Facility (ECF) arrangement, approved in 2019, expired in April 2021 without having completed the first review. Recently, debt sustainability has been restored owing to the authorities’ debt restructuring strategy and current and projected higher oil prices. However, the risk of debt distress remains high given liquidity risks and vulnerabilities to negative oil price shocks. The authorities are actively negotiating the resolution of pending external arrears. Until this process is concluded and the negotiations with two external creditors are finalized, debt is classified as being “in distress.”

Subject: Arrears, External debt, International organization, Monetary policy, Oil prices, Oil, gas and mining taxes, Prices, Public debt, Taxes

Keywords: Adjustment effort, Arrears, Central Africa, Congolese authorities, Debt restructuring effort, Gas and mining taxes, Global, Oil, Oil price shock, Oil prices, Oil revenue, Reform agenda

Publication Details

Pages:

104
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2021/225
Stock No:

1COGEA2021001
ISBN:

9781513595511
ISSN:

1934-7685

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