Africa > Congo, Democratic Republic of the

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International Monetary Fund. African Dept.
Considerable macroeconomic gains were achieved in 2021: the economic rebound was stronger than envisaged, driven by the non-extractive sector; CPI inflation declined to 5.3 percent year-on-year, accompanied by a stable exchange rate as the central bank stopped providing financing to the government; and an improved external position supported reserves accumulation. The 2021 fiscal outturn was also better-than-projected although domestic arrears accumulated. Despite excess liquidity, the banking sector faces vulnerabilities. The war in Ukraine is pushing up the cost of living and rising the fiscal costs associated with the fuel subsidy. Despite this and deteriorating global economic prospects, the outlook remains favorable and provides opportunities to consolidate macro stability and scale up structural reforms, though significant downside risks remain, and severe fragility persists.