The date is known. From May 22 to June 4, 2019, the IMF team will scrutinize the public accounts of the DRC, following the suspension in November 2012 of the last economic program concluded in 2009 with the Congolese government. But, a question teases the minds. With whom will the IMF begin the first contacts, as far as the face, the DRC does not yet have a government invested with full power? A dilemma that the Head of State should quickly resolve by the appointment of Prime Minister

The International Monetary Fund is finally back in the Democratic Republic of Congo. In fact, since the suspension of the government's second economic program (PEG 2) in November 2012 with the DRC, the IMF has not fully left the DRC.

As a member of the fund, the IMF, while terminating the formal agreement with the DRC, however, kept an eye on the country in terms of technical assistance generally given to any member state. However, the DRC could no longer benefit from IMF budget support.

Between 2012 and 2016, the drama could be controlled, thanks to the tenacity of Matata Ponyo Mapon, then Prime Minister. But, the first signs of a slowdown appeared as early as 2016, when prices for the DRC's main export raw materials, mainly copper and cobalt began to plummet. The macroeconomic framework eventually gave way. The cyclical indicators, namely the exchange rate and the inflation rate, long contained in relatively stable fluctuation margins, began to break.

Since 2012, the DRC has managed to stand without the IMF. But, with time, difficulties reappear. The macroeconomic framework is already showing signs of weakness. Finally, the patient, in this case the DRC, realized that it was time to see its doctor, the IMF. It is the President of the Republic, Felix Tshisekedi, taking advantage of his last stay in the United States, who took the first step towards the IMF.

Received by Mrs. Christine Lagarde, the Head of State expressed the desire to reconnect with the IMF. But, the IMF knows well that in its absence since November 2012, its patient has given himself to a medication that has left traces in the public accounts. While the IMF accepted the principle of reestablishing the bridge with the DRC, its Managing Director raised a prerequisite, however, that of subjecting the DRC to consultations under Article IV of the IMF's status.

What to say? The Article IV consultations are thus named with reference to the IMF Articles of Agreement which requires a review of economic developments and policies in each of the 188 Fund members. They cover a range of critically important topics - budgetary, financial, currency, monetary and structural issues - highlighting the risks and vulnerabilities involved as well as possible policy responses.

Such consultation is planned by the Fund as an economic policy dialogue between the Fund and the authorities of each country, and not a unilateral evaluation. The mission usually meets with members of the government and the Central Bank, as well as other stakeholders such as members of parliament, business leaders or union representatives. Staff then reports to the Board, which leads to a final declaration and conclusion of the engagement. A summary of discussions is then sent to the authorities of the country...

(CKS/Yes)