Democratic Republic of Congo

                   Second DRC Foundational Economic Governance Reforms
                               Development Policy Financing

                                           Chair Summary*

                                           March 28, 2023

The Executive Directors approved a credit for the Democratic Republic of Congo (DRC) for the
Second Foundational Economic Governance Reforms Development Policy Financing (DPF) in the
amount of US$500 million on the terms and conditions set out in the President’s Memorandum.

Directors acknowledged key achievements in strengthening Public Financial Management and
liberalizing the telecom sector through the first DPF, which was approved in June 2022. They
welcomed the focus on increased accountability and institution-building through this DPF series.

Recognizing the high poverty and weak governance of DRC, the Directors agreed with the focus
on deepening and broadening reforms supported by the second DPF. They called for the effective
implementation of reforms to ensure the expected impact across the three pillars. They drew
attention to the governance of natural resources, especially mining, and forest, calling for further
efforts to strengthen the country’s climate resilience and mitigation by building on ongoing work
on DRC’s CCDR. They also asked for a greater focus on gender in future public finance operations.

Directors encouraged continued efforts in improving fiscal policy and anti-corruption measures.
They appreciated the focus on accelerating digital transformation and improving the governance
of State-owned Enterprises.

Directors acknowledged the overall high risk of the DPF, notably risks associated with political,
fiduciary, and governance, as well as heightened insecurity in Eastern DRC. They underscored the
need to carefully monitor the development of risks, support the government’s capacity building,
and work closely with key partners.

Directors encouraged continued strong WBG and IMF collaboration and coordination to help
sustain reform momentum and implementation ahead of the Presidential elections scheduled for
the end of 2023. They also highlighted the need to remain engaged in playing a counter-cyclical
role in supporting the country.




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*This Summary is not an approved record.