The assessment highlights slowing reform momentum, widening deficits and persistent debt‑management weaknesses, even as economic growth continues at a modest pace.
According to IMF staff, Congo’s economy grew by 2.1% in 2024 and an estimated 2.4% in 2025. Growth has been held back by weak public investment, energy shortages and subdued hydrocarbon production. The current account deficit widened to 5.8% of gross domestic product (GDP) last year, reflecting lower oil prices and increased imports linked to natural gas sector investments. Inflation eased to 2.6% in 2025 following earlier pressures.
However, the IMF noted a marked deterioration in fiscal discipline. Congo’s non‑hydrocarbon primary deficit widened to 8.7% of non‑hydrocarbon GDP in 2025, driven by an unexpected surge in spending on goods and services that crowded out investment and social transfers. Revenues were compressed by lower oil prices despite improvements in non‑oil tax collection. Public debt remains elevated at 97.2% of GDP, with newly accumulated domestic and external arrears pointing to persistent weaknesses in debt management.
The IMF considers Congo’s repayment capacity “adequate but subject to significant risks”, particularly given tight regional financial markets, a strong sovereign‑bank nexus and the country’s dependence on oil revenue. A decline in regional banks’ appetite for government securities or a sustained fall in oil prices could create sizeable financing gaps.
Executive Directors urged the authorities to restore fiscal discipline, strengthen domestic revenue mobilisation and improve spending controls. They called for the prioritisation of growth‑enhancing investment and social spending, full implementation of the public financial management system, Système Intégré de Gestion des Finances Publiques, and a shift towards concessional borrowing to reduce debt‑distress risks. Directors also stressed the need for stronger debt management, arrears clearance and enhanced coordination between government agencies.
The Board further encouraged Congo to accelerate reforms to improve governance, transparency and anti‑corruption measures, while reinforcing oversight of the banking sector amid rising sovereign exposures.
–IMF/ChannelAfrica–
