The loan is a component of the extended credit facility (ECF) agreement the DRC agreed with the multilateral lender in July 2021. Under the terms of the agreement, DRC will receive 1.066 special drawing rights (SDRs), or about $1.52 billion, by the year 2024.
The International Monetary Fund (IMF) has granted the Democratic Republic of the Congo a $203.3 million loan to increase the nation’s foreign exchange reserves, which have dropped to $4.5 billion and are now only enough to pay two months’ worth of imports.
The IMF had previously predicted that a sustained increase in mining yields may help fend off the country’s economic headwinds and ensure an improved growth in GDP this year, but the expansion in DRC’s primary exports only partially offsets the rise in imports.
