Congo's economic growth rises on mining sector performance

By Kitco News / October 27, 2021 / www.kitco.com / Article Link

KINSHASA, Oct 27 (Reuters) - The International Monetary Fund on Wednesday revised upward this year's economic growth forecast for the Democratic Republic of Congo to 5.4% due largely to higher-than-expected mining production.

The IMF said in statement that it had also reached a staff-level agreement with Congo's government on the first review of a three-year $1.5 billion extended credit facility that began in July.

The agreement, which would allow the loan programme to move forward, must be approved by the IMF's executive board in December.

The IMF had previously forecast Congo's economic growth this year at 4.9%. It also raised its growth forecast for next year from 5.6% to 6.2%, the statement said.

Congo, Africa's top producer of copper and the world's leading miner of cobalt, has benefited from rising mineral prices at a time when its output is increasing sharply.

The IMF said inflation remained steady at about 5%, while international reserves had increased significantly to $3.3 billion as of mid-October, from $0.8 billion at the end of last year. (Reporting by Aaron Ross; Editing by Christina Fincher)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Recent News

Gold stocks weaker but outperform slump in other sectors

October 13, 2025 / www.canadianminingreport.com

West Africa-focussed Robex and PDI to merge

October 13, 2025 / www.canadianminingreport.com

Gold stocks outperform equity market gains

October 06, 2025 / www.canadianminingreport.com

Most major producers rise but TSXV gold mixed

October 06, 2025 / www.canadianminingreport.com

Platinum, palladium, copper gain on green China, supply constraints

September 29, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok