Democratic Republic of the Congo: Staff Report for the 2003 Article IV Consultation, First Review Under the Poverty Reduction and Growth Facility, and Request for Waiver of Performance Criteria

Author: International Monetary Fund

Volume/Issue: Volume 2003 Issue 161

Publication date: June 2003

ISBN: 9781451841121

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Topics covered in this book

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Banks and Banking , Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , Congo , government , PRGF arrangement , nonobservance of performance criteria , DRC's nonobservance , Congolese authorities , PRGF loan , Arrears , Debt relief , Debt service , Currencies , Africa , Sub-Saharan Africa

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Summary

This paper examines the Democratic Republic of the Congo’s 2003 Article IV Consultation, First Review Under the Poverty Reduction and Growth Facility (PRGF), and Request for Waiver of Performance Criteria. Through September 2002, overall performance under the PRGF-supported program was broadly satisfactory, with good progress in the structural area. The annualized rate of inflation for the first nine months of 2002 reached 11 percent, down from 135 percent in 2001. Economic growth is expected to be positive for the first time in 13 years.