July 18, 2024

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IMF approves UGX 1.3 Trillion credit for DRC

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The International Monetary Fund on Monday said it had agreed a $368.4 million (about Sh37.4 billion) credit facility for strife-torn Democratic Republic of Congo, to enable its authorities “to meet their urgent balance of payment needs.”

“The economic environment remains challenging and vulnerable to shocks,” the IMF said in a statement.

“Real GDP growth is projected to decelerate to 4.5 percent in 2019 from 5.8 percent in 2018… International reserves have fallen to critically low levels.”

President Felix Tshisekedi, who took office in January this year, has vowed to enact sweeping reform and root out corruption in the poor but mineral-rich central African country.

DRC was 161 out of 180 on the Transparency International corruption perceptions index released in January 2019.

The IMF said the new government was committed to addressing “issues related to poor governance, a difficult business environment, and pervasive poverty.”

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