Submit this form
Home News Videos Music Photos Facebook Twitter Friends Newsletter Podcasts Mobile RSS
Statement by IMF Managing Director Strauss-Kahn at the conclusion of his visit to the DRC

IMF - May 25, 2009
Dominique Strauss-Kahn

Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), issued the following statement today in Kinshasa at the conclusion of his visit to the Democratic Republic of Congo:

"This is my first visit to DRC in my capacity of Managing Director of the IMF. I wish to thank President Kabila, Prime Minister Muzito, Minister of Finance Matenda, Central Bank Governor Masangu, and other senior government officials. I also met with members of the Economic and Financial Commissions of both the National Assembly and the Senate, and representatives from civil society and the private sector. This was also an opportunity for me to visit the Health Center Avenir Meilleur pour les Orphelins du Congo (AMOCongo), where I was greatly impressed by the dedication of the staff and their efforts to help young children and women living with HIV. I also had valuable exchanges with labor unions, civil society organizations and the students and faculty of private and public universities of Kinshasa.

"In my meeting with President Kabila, I welcomed DRC's remarkable economic progress, for a post-conflict country, toward its long-term development objectives. We had a productive discussion on the DRC's economic outlook and challenges to be met, in particular as the country is facing pressures posed by the global financial crisis. The DRC is one of the most severely hit countries in Africa. Prices of copper, cobalt and diamonds have collapsed. Terms of trade are expected to drop by 20 percent this year. As a consequence, economic growth is projected at 2.7 percent in 2009, well below pre-crisis levels.

"We agreed that external support will be key for DRC's ability to weather the impact of these shocks and to protect the poorest within its population. In this regard, the IMF approved a US$195 million disbursement to the DRC under the Exogenous Shock Facility (ESF) in March. We are continuing our discussions over a new Poverty Reduction and Growth Facility, as well. Additional support from the donor community will further help mitigate the consequences of this crisis. I welcomed President Kabila's agenda for tackling critical social and infrastructural needs, and which warrant increased public spending. Of course, such spending should take place within a clear debt sustainability framework "IMF staff are finalizing negotiations on a new program under the Poverty Reduction and Growth Facility, pending an outcome, consistent with debt sustainability, to the mining and infrastructure cooperation agreement between DRC and China. The IMF supports DRC's efforts to secure much-needed debt relief and investment in infrastructure and the mining sector. and we stand ready to use our good offices with DRC's development partners to this end. Before the IMF Executive Board can consider a new program for the DRC, a positive solution to issue of the Sino-Congolese agreement and financing assurances of the Paris Club are needed.

"It is essential to keep a balance between domestically financed spending and domestic revenue to avoid an expansion that could trigger higher inflation and put pressure on the exchange rate. At the same time, the Central Bank will need to monitor the money supply and offset any excess liquidity that could be created by these resources. Meanwhile, the government should use the additional fiscal space to allocate more resources to the social sectors and to implement structural reforms to make the economy more competitive and better integrated to the global economy.

"The IMF stands ready to continue supporting the DRC in its endeavor to reduce poverty, fight corruption, and maintain the economy on a sustainable path.

Related articles

  1. Bemba, Katumbi renew their support for joint opposition presidential candidate Fayulu (November 16, 2018)
  2. Oppositioin leaders pick Martin Fayulu as joint presidential candidate (November 11, 2018)
  3. DR Congo Scores High on Growth, Lags in Poverty Reduction: IMF (October 13, 2015)
  4. DR Congo Takes Chairmanship of COMESA at Summit in Kinshasa (February 26, 2014)
  5. Police Investigate Former Prime Minister for Corruption (May 14, 2012)
  6. Kabila Names Finance Minister as New Prime Minister (April 19, 2012)
  7. DR Congo, IMF to Co-Host Conference on the Management of Natural Resources (March 13, 2012)
  8. DR Congo's Government Resigns (March 6, 2012)
  9. Kabila's Party Loses Seats in Parliament, Increasing Reliance on Allies (February 3, 2012)
  10. 32 Million Congolese Voters Set to Elect Their Leaders (November 27, 2011)
  11. Candidates to Make Last Stand in Kinshasa before Monday's Election (November 26, 2011)
  12. DR Congo growth above 7 percent in 2010 - IMF (September 3, 2011)
  13. Sovereign States Get Legal Immunity in Hong Kong (August 26, 2011)
  14. Hong Kong court decides to seek national legal interpretation over debt dispute between U.S. company, DR Congo (June 8, 2011)
  15. China, DR Congo see great potentials for further cooperation (January 13, 2011)
  16. Paris Club cancels 7.35 billion of Congo debt (November 17, 2010)
  17. Muzito Signs $42 million Loan Agreement with India for Kakobola Dam (August 5, 2010)
  18. Rights Group Says Arms Transport Needs Regulation (July 19, 2010)
  19. IMF, World Bank Grant $12.3 Billion Debt Relief for DR Congo (July 1, 2010)
  20. Belgian King Arrives in Kinshasa for Congo's Independence Celebrations (June 28, 2010)
  21. Adolphe Muzito Withdraws Decrees on new Towns and Municipalities (June 10, 2010)
  22. Prime Minister Adolphe Muzito Faces Skeptical MPs (April 28, 2010)
  23. Congo Could Have Most of Debt Forgiven by June (March 24, 2010)
  24. President Joseph Kabila meets Chinese army deputy chief of the General Staff (March 12, 2010)
  25. Paris Club, Congo agree on debt restructuring plan (February 25, 2010)
  26. Joseph Kabila Reshuffles Government (February 21, 2010)
  27. China steps up African cooperation with ministerial visits (January 15, 2010)
  28. IMF Approves US$551 Million Loan for the DRC (December 11, 2009)
  29. Chinese premier meets with African leaders (November 8, 2009)
  30. UN mission in DR Congo confirms improvement of situation (November 3, 2009)

Live TV Congo Radio en ligne Radio
Available on App Store
Get it on Google Play

Contact Us | About Us | Édition en Français | French Edition

© All rights reserved.