IMF Staff Country Reports

Republic of Congo: Republic of Congo: Third Review under the Three-year Arrangement under the Extended Credit Facility, Requests for Modification and Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo

July 24, 2023

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Republic of Congo: Republic of Congo: Third Review under the Three-year Arrangement under the Extended Credit Facility, Requests for Modification and Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo, (USA: International Monetary Fund, 2023) accessed December 21, 2024

Also available in: français

Summary

As declining oil prices and rising funding costs challenge Congo’s economic recovery, public debt remains high, and additional fiscal consolidation needs to compensate past fiscal slippages. Newly recognized domestic arrears and the temporary accumulation of new external arrears impede progresses made in debt repayment, implying that debt remains sustainable but “in distress”. Economic recovery will depend on regaining fiscal space, reducing debt levels, and continuing reforms promoting improvements in revenue generation, debt management, governance, and transparency. The second review of the three-year Extended Credit Facility (ECF) arrangement (SDR 324 million, 200 percent of quota) that was concluded by the IMF Executive Board on February 6, 2023, provided support for this process.

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

Keywords: Gas and mining taxes, Arrears, Budget projection, Fiscal stance, Fuel price increase, Global, Increase in the price of gasoline, Oil, Price increase authorities, Waivers of nonobservance of performance criteria

Publication Details

  • Pages:

    130

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2023/271

  • Stock No:

    1COGEA2023003

  • ISBN:

    9798400251078

  • ISSN:

    1934-7685

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