I’m still standing

DRC: Has the economy made its comeback?

By Alain Faujas

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Posted on February 9, 2022 11:05

Firefox_Screenshot_2022-01-18T10-55-40.510Z IMF Managing Director Kristalina Georgieva and the DRC’s President Felix Tshisekedi in Paris on 17 May 2021. © Cyril Marcilhacy/IMF Photo — IMF Managing Director Kristalina Georgieva and the DRC’s President Felix Tshisekedi in Paris on 17 May 2021. © Cyril Marcilhacy/IMF Photo

The Democratic Republic of Congo (DRC), which has a long history of poor economic performance, is recovering. Not only did it manage to avoid a recession in 2020, unlike most of its neighbours, but the IMF predicted comfortable growth that has even been revised upwards, to 5.4% instead of 4.9% for 2021, and 6.2% instead of 5.6% for 2022.

This strong acceleration is due to the surge in world prices for two minerals produced in the DRC, namely copper (+40% from November 2020 to November 2021) and cobalt (+80%).

Chinese buyers have also resumed purchasing these two minerals. The reserves of the Banque Centrale du Congo (BCC) jumped from $800m in 2020 to $3.3bn in mid-October 2021, thanks in particular to the IMF allocating $1.4bn worth of special drawing rights.

Increased transparency

The government has also demonstrated a willingness to improve governance. It signed a three-year programme – the first in nine years – with the IMF for an aid package of $1.5bn. A second disbursement of $217m took place in mid-December, showing the Fund’s satisfaction with the reforms. IMF Director Kristalina Georgieva’s visit to Kinshasa on 8 and 9 December was another boost for Kinshasa.

Prime minister Sama Lukonde Kyenge’s government has

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