- Published Date
On the 11th of December 2009 the International Monetary Fund approved a US $551.45 million Extended Credit Facility (ECF) for the Democratic Republic of Congo. One of the key factors of this ECF was the DRC Government’s fulfilments of the obligations attached to the credit by the IMF and the wider donor community. Through this credit the IMF endeavoured to promote transparency and beneficial reform in the extractive industry of this deeply troubled country, to better benefit the Congolese people.
These obligations included:
1. Publication within 60 days:
a. Of partnership agreements between public and private enterprises (including information on bonus signing shares, taxation system, private shareholders, and members of the board of directors. (Structural benchmark)
b. Of the negotiation results between mining companies and the government regarding the review of mining contracts.
2. Implement the Extractive Industries Transparency Initiative (EITI).
3. Establish an independent anti-corruption agency
While some progress has been made, the DRC has failed to fully adhere to the obligations that were required of it through the ECF. Without a fully transparent extract industry, implementation of the EITI, and the establishment of an independent anti-corruption agency the Congolese people are at risk of seeing more of their country’s natural resource revenue diverted from poverty reducing social programs.
FreeFair DRC urges the International Monetary Fund and Christine Lagarde to hold the DRC government to its obligations, and stem the loss of mining revenue that could greatly benefit the Congolese people. Support the Congolese people by signing our petition to Christine Lagarde to hold the DRC to its IMF obligations by clicking here.