Democratic Republic of Congo is a rare 'bright spot' in Africa's economic performance as high commodity prices and government reform improve finances, the head of the International Monetary Fund said on Wednesday.
Democratic Republic of Congo President Felix Tshisekedi meets International Monetary Fund chief Kristalina Georgieva in Kinshasa, Democratic Republic of Congo, December 8, 2021. REUTERS/ Hereward HollandKINSHASA, Dec 8 - Democratic Republic of Congo is a rare "bright spot" in Africa's economic performance as high commodity prices and government reform improve finances, the head of the International Monetary Fund said on Wednesday.
Congo's economy is expected to grow 5.4% this year and 6.4% in 2022, Kristalina Georgieva told a news conference in Kinshasa after meeting Congo President Felix Tshisekedi.Register now for FREE unlimited access to reuters.comCongo "benefits from higher commodity prices but above all benefits from the reforms that the president and the government have been pursuing," Georgieva said.
The country is Africa’s top producer of copper and the world’s leading miner of cobalt, used in the making of electric car batteries. But chronic corruption, mismanagement and conflict have stunted output and left the vast majority of the country in poverty. Tshisekedi, in power since 2019, has tried to turn the tide of spiralling inflation and depleted forex reserves under his predecessor Joseph Kabila.Congo has published old mining contracts that were previously secret, massively increased its foreign reserves and replaced the board of both the Central Bank and the state mining company Gecamines.
Georgieva said the world economy is recovering from the worst impacts of the coronavirus pandemic, but has lost a bit of momentum with the United States and China slowing down.Register now for FREE unlimited access to reuters.comOur Standards:Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.