IMF Concludes Congo's Loan Review, Releases $224.7 Million

The International Monetary Fund (IMF) concluded the sixth and final review of Congo's loan program, enabling an immediate disbursement of $224.7 million. This is contingent on an audit of military spending and the recording of Sicomines project revenue in the public treasury. Discussions for a new program could start soon.

The International Monetary Fund said on Wednesday its executive board had concluded a sixth and last review of Congo's loan program, allowing for an immediate disbursement of about $224.7 million. The program's conclusion is hinged on an audit of military spending from 2023 and on a pledge to record revenue and expenditure linked to the country's Sicomines mining project in the public treasury, Gabriel Leost, the IMF's representative in Kinshasa, told Reuters during an interview.

Congo spent more than $1 billion on security last year in addition to the annual defense ministry budget of $1 billion, partly due to elections in December, Leost said. "If there were any major deviations from the commitments made in this last review, it would make discussions on a new program more difficult," Leost said, adding that discussions could begin "as early as the end of the summer."

He also praised the government's efforts to publish mining contracts and increase public revenues.