The International Monetary Fund on Wednesday revised upward this year’s economic growth forecast for the Democratic Republic of Congo to 5.4% due largely to higher-than-expected mining production.
The IMF said in statement that it had also reached a staff-level agreement with Congo’s government on the first review of a three-year $1.5 billion extended credit facility that began in July.
The agreement, which would allow the loan programme to move forward, must be approved by the IMF’s executive board in December.
The IMF had previously forecast Congo’s economic growth this year at 4.9%. It also raised its growth forecast for next year from 5.6% to 6.2%, the statement said.
Congo, Africa’s top producer of copper and the world’s leading miner of cobalt, has benefited from rising mineral prices at a time when its output is increasing sharply.
The IMF said inflation remained steady at about 5%, while international reserves had increased significantly to $3.3 billion as of mid-October, from $0.8 billion at the end of last year. (Reporting by Aaron Ross; Editing by Christina Fincher)