[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110726-en":3,"doc-seo-110726-105":29,"detail-sidebar-cat-0-en-105":91},{"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},110726,1099514067438,"River Wang","https://ap-avatar.wpscdn.com/avatar/100002539ee87300030?x-image-process=image/resize,m_fixed,w_180,h_180&k=1780474512215547542",8,"Research & Report","The Democratic Republic of the Congo - Joint World Bank-IMF Debt Sustainability Analysis - August 2021","Joint World Bank-IMF debt sustainability analysis for the Democratic Republic of the Congo assesses debt-carrying capacity under the updated LIC DSF. Results show a moderate overall and external debt distress risk, with limited buffers despite a low external debt stock. Weak revenue mobilization drives the moderate risk, while stress tests breach most external debt thresholds, especially under export shocks. The report emphasizes prudent borrowing—prioritizing concessional loans—and strengthening debt management and debt reporting quality.","Public Disclosure Authorized Public Disclosure Authorized  \nINTERNATIONAL DEVELOPMENT ASSOCIATION  \nINTERNATIONAL MONETARY FUND  \nTHE DEMOCRATIC REPUBLIC OF THE CONGO  \nJoint World Bank-IMF Debt Sustainability Analysis  \nAugust 2021  \nPrepared Jointly by the staffs ofthe International Development Association (IDA)  \nand the International Monetary Fund (IMF)  \nApproved by Marcello Estevão and Asad Alam (IDA), Annalisa Fedelino and Geremia  \nPalomba (IMF)  \n\n| The Democratic Republic of the Congo-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\nAccording to the updated Low-Income Country Debt Sustainability Framework (LIC DSF), the Democratic Republic of the Congo (DRC)’s debt-carrying capacity remains weak.1 DRC remains at a moderate risk of external and overall debt distress, with some space to absorb shocks. Weak revenue mobilization is a main determinant for the DRC’s moderate risk of debt distress despite a low stock of external debt. Most external debt thresholds are breached under the stress tests, highlighting the country’s vulnerability to external shocks, in particular with regard to a shock to exports. Given limited buffers, prudent borrowing policies are essential by prioritizing concessional loans and strengthening debt management policies.  \n1 DRC Composite Indicator (CI) score is 2.03, which corresponds to a weak debt-carrying capacity as confirmed by April 2021 WEO assumptions and 2019 Country Policy and Institutional Assessment (CPIA) .  \nPUBLIC DEBT COVERAGE  \n1. Public and publicly-guaranteed (PPG) external and domestic debt covers debt contracted and guaranteed by the central government, the Central Bank of Congo (BCC), provinces, and part of state-owned enterprises (SOEs). The public debt department (Direction Générale de la Dette Publique, DGDP) under the Ministry of Finance publishes quarterly and annual reports on its website with information on domestic and external debt based on the residency criteria. The reports summarize the debt of the central government, debt of Sicomines (a joint venture between the Congolese government and Chinese investors) and Gécamines, guaranteed external debt of SOEs managed by the government, provinces (only the province of Maniema is missing, out of 26 provinces), and the BCC. Other public institutions are legally prevented from borrowing externally without approval, in addition to being unlikely to command market access without a government guarantee. However, the authorities do not receive any regular report from public institutions other than those named above. In light of this, the authorities are committed to improve quality of debt reporting, especially for SOEs. 2 Sicomines’infrastructure loans have a government guarantee which can only be called after 2050. Its debt is expected to be repaid by 2027 and is collateralized by Sicomines’ earnings.3 Sicomines also contracted a loan to finance the Busanga power plant to secure its electricity supply. Data on the debt of the private sector is scarce, and the private sector is believed not to be borrowing externally.  \nText Table 1. Democratic Republic of the Congo: Coverage of Public and Publicly Guaranteed Debt and Parameters for Contingent Liability Shocks for the Tailored Stress Test  \n\n| Definition of external/domestic debt | Residency-based |\n| --- | --- |\n| Is there a material difference between the two criteria? | No |\n\nPublic debt coverage  \n\n|  | Subsectors of the public sector\u003Cbr>Central government\u003Cbr>State and local government\u003Cbr>Other elements in the general government\u003Cbr>o/w: Social security fund\u003Cbr>o/w: Extra budgetary funds (EBFs)\u003Cbr>Guarantees (to other entities in the public and private sector, including to SOEs)\u003Cbr>Central bank (borrowed on behalf of the government)\u003Cbr>Non-guaranteed SOE debt | Check b","cbCaiiYwD4IYw9FM","https://ap.wps.com/l/cbCaiiYwD4IYw9FM","pdf",930719,1,19,"English","en",105,"# Risk Assessment Summary\n## Overall and External Risk Ratings\n## Key Determinants and Stress Test Insights\n# Public Debt Coverage\n## Coverage Scope and Institutional Sources\n## Contingent Liability and Sicomines Details\n# Background and Recent Developments\n## Fragility and Macroeconomic Vulnerabilities\n## Fiscal, Inflation, Reserves, and External Arrears","[{\"question\":\"What is the overall risk of debt distress for the Democratic Republic of the Congo?\",\"answer\":\"The analysis rates both the overall risk of debt distress and the risk of external debt distress as Moderate.\"},{\"question\":\"What drives the DRC’s moderate risk of debt distress despite a low external debt stock?\",\"answer\":\"Weak revenue mobilization is identified as a main determinant, even with a relatively low stock of external debt.\"},{\"question\":\"Which shocks are most concerning according to the stress tests?\",\"answer\":\"Most external debt thresholds are breached under stress tests, with particular vulnerability to shocks affecting exports.\"}]",1784486773,48,{"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":86,"head_meta":88,"extra_data":90,"updated_unix":27},"the-democratic-republic-of-the-congo-joint-world-bank-imf-debt-sustainability-analysis-august-2021","",{"@graph":35,"@context":85},[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/the-democratic-republic-of-the-congo-joint-world-bank-imf-debt-sustainability-analysis-august-2021/110726/",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","2026-07-22","2026-07-19",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"What is the overall risk of debt distress for the Democratic Republic of the Congo?","Question",{"text":75,"@type":76},"The analysis rates both the overall risk of debt distress and the risk of external debt distress as Moderate.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"What drives the DRC’s moderate risk of debt distress despite a low external debt stock?",{"text":80,"@type":76},"Weak revenue mobilization is identified as a main determinant, even with a relatively low stock of external debt.",{"name":82,"@type":73,"acceptedAnswer":83},"Which shocks are most concerning according to the stress tests?",{"text":84,"@type":76},"Most external debt thresholds are breached under stress tests, with particular vulnerability to shocks affecting 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