[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111671-en":3,"doc-seo-111671-105":29,"detail-sidebar-cat-0-en-105":95},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},111671,13056703019404,"Miles","https://ap-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0",8,"Research & Report","DEMOCRATIC REPUBLIC OF THE CONGO - Joint World Bank-IMF Debt Sustainability Analysis - Moderate Risk Findings","The Democratic Republic of the Congo (DRC) is assessed under the Low-Income Country Debt Sustainability Framework as remaining at moderate risk of both external and overall debt distress, consistent with the prior DSA. Although debt-carrying capacity is weak due to limited revenue mobilization and constrained fiscal space, stress tests show breaches across external solvency and liquidity thresholds as well as the public debt-to-GDP benchmark, signaling heightened vulnerability to external shocks and deteriorating export performance. The analysis recommends prudent, concessional borrowing, strengthened debt management, and improved domestic revenue mobilization.","Public Disclosure  \nPub lic Disc losure Authorized  \nApproved by:  \nManuela Francisco and Hassan Zaman (IDA) , and Annalisa Fedelino and Geremia Palomba (IMF)  \nPrepared by the staff of the International Development Association (IDA) and the International Monetary Fund (IMF)  \n\n| DEMOCRATIC REPUBLIC OF THE CONGO\u003Cbr>JOINT BANK-FUND DEBT SUSTAINABILITY ANALYSIS |  |\n| --- | --- |\n| Risk of external debt distress | Moderate |\n| Overall risk of debt distress | Moderate |\n| Granularity in the risk rating | Some space to absorb shocks |\n| Application of judgment | No |\n\nUnder the Low-Income Country Debt Sustainability Framework (LIC DSF), the Democratic Republic of the Congo (DRC) remains at moderate risk of both external and overall debt distress.1 This is consistent with the conclusion of the previous DSA.2 Its debt-carrying capacity is assessed as weak, reflecting limited revenue mobilization, which constrains fiscal space despite relatively low external debt levels. Stress tests indicate breaches of both external debt solvency and liquidity thresholds, as well as the public debt-to-GDP benchmark, highlighting the DRC’s vulnerability to external shocks, particularly from deteriorating export performance. The DRC is assessed to have some space to absorb shocks. However, in view of constrained fiscal buffers and high exposure to volatile commodity prices, maintaining debt sustainability require prudent borrowing policies that prioritize concessional financing. Strengthening debt management frameworks and enhancing domestic revenue mobilization are also critical to mitigating vulnerabilities and reinforcing the fiscal space needed to absorb future shocks.  \n1 The DRC's Composite Index (CI) score is estimated at 2 .43, based on the April 2025 WEO update and the 2024 World Bank Country Policy and Institutional Assessment (CPIA) . Accordingly, the country's debt-carrying capacity remains weak.  \n2 See IMF Country Report No. 25/23 .  \n1. Public and publicly guaranteed (PPG) external and domestic debt covers debt contracted or guaranteed by the central government, the Central Bank of Congo (BCC), provinces, and stateowned enterprises (SOEs) . The Directorate-General for Public Debt (Direction Générale de la Dette Publique , DGDP)3 , operating under the Ministry of Finance, publishes quarterly and annual reports on its website, detailing domestic and external debt based on the residency criteria. These reports summarize the debt of the central government, the debt of Sicomines (a joint venture between the Congolese government and Chinese investors) and Gécamines, guaranteed external debt of SOEs managed by the government, and the BCC.4 Other public institutions are legally prevented from borrowing externally without approval and are unlikely to command market access without a government guarantee. However, the authorities do not receive regular reports from public institutions other than those named above or from provinces. To address this information gap, the authorities are committed to improving the quality of debt reporting, especially for SOEs, and are implementing recommendations from recent IMF technical assistance. In this regard , the authorities approved an ordinance-law on public debt management in September 2023, which mandates the DGDP to evaluate any new borrowing by SOEs prior to debt contracting, harmonizes the legal framework, and reaffirms the Ministry of Finance’s exclusive role in contracting external debt. Supported by the World Bank Sustainable Development Finance Policy (SDFP), under Performance and Policy Actions (PPA2), the authorities are committed to further enhancing the coverage of their debt reports by including the reporting of additional SOE and provincial debt.5 Moreover, Sicomines’ infrastructure loans are backed by a government guarantee, which can only be called after 2040. These loans are expected to be repaid by 2028 and are collateralized by Sicomines’ earnings.6 Additionally, Sicomines has contracte","cbCaicnV82IDyD9f","https://ap.wps.com/l/cbCaicnV82IDyD9f","pdf",923376,1,24,"English","en",105,"# Overall risk assessment\n## External and overall debt distress\n## Debt-carrying capacity and stress tests\n# Policy recommendations\n## Prudent concessional borrowing\n## Strengthening debt management\n## Improving domestic revenue mobilization\n# Debt reporting and governance","[{\"question\":\"What is the assessed risk level for the DRC’s external and overall debt distress?\",\"answer\":\"Both the external debt distress risk and the overall risk of debt distress are assessed as moderate under the LIC DSF.\"},{\"question\":\"Why is the DRC’s debt-carrying capacity considered weak?\",\"answer\":\"Debt-carrying capacity is assessed as weak because limited revenue mobilization constrains fiscal space despite relatively low external debt levels.\"},{\"question\":\"What do the stress tests indicate about vulnerabilities?\",\"answer\":\"Stress tests indicate breaches of external debt solvency and liquidity thresholds and the public debt-to-GDP benchmark, highlighting vulnerability to external shocks.\"},{\"question\":\"What measures are recommended to maintain debt sustainability?\",\"answer\":\"The document calls for prudent borrowing policies that prioritize concessional financing, plus strengthening debt management frameworks and enhancing domestic revenue mobilization.\"}]",1784491184,60,{"code":4,"msg":30,"data":31},"ok",{"site_id":24,"language":23,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":90,"head_meta":92,"extra_data":94,"updated_unix":27},"democratic-republic-of-the-congo-joint-world-bank-imf-debt-sustainability-analysis-moderate-risk-findings","",{"@graph":35,"@context":89},[36,53,68],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":52},"https://docshare.wps.com/document/democratic-republic-of-the-congo-joint-world-bank-imf-debt-sustainability-analysis-moderate-risk-findings/111671/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-20","2026-07-19",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81,85],{"name":72,"@type":73,"acceptedAnswer":74},"What is the assessed risk level for the DRC’s external and overall debt distress?","Question",{"text":75,"@type":76},"Both the external debt distress risk and the overall risk of debt distress are assessed as moderate under the LIC DSF.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"Why is the DRC’s debt-carrying capacity considered weak?",{"text":80,"@type":76},"Debt-carrying capacity is assessed as weak because limited revenue mobilization constrains fiscal space despite relatively low external debt levels.",{"name":82,"@type":73,"acceptedAnswer":83},"What do the stress tests indicate about vulnerabilities?",{"text":84,"@type":76},"Stress tests indicate breaches of external debt solvency and liquidity thresholds and the public debt-to-GDP benchmark, highlighting vulnerability to external shocks.",{"name":86,"@type":73,"acceptedAnswer":87},"What measures are recommended to maintain debt sustainability?",{"text":88,"@type":76},"The document calls for prudent borrowing policies that 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