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DRC - Emergency Programme to Mitigate the Impacts of the Financial Crisis (PUAICF) - PPER

15-jan-2014

The Programme d'Urgence d'Atténuation des Impacts de la Crise Financière Internationale (PUAICF) was designed as a balance of payments support programme accompanied by a government commitment to allocate counterpart funds to meet urgent expenditure items in the 2009 budget, in response to the effects of the international financial crisis on the Democratic Republic of Congo (DRC).

A request for support was received in March 2009, following a consultative mission in February 2009 and correspondence with the IMF about the possibility of providing support. The programme was formulated in close cooperation with support provided by the IMF2 , the World Bank3 and the European Commission4 , and was approved by the ADF Board on 6th May 2009 and was effective a week later. It was intended in part to bridge the gap in balance of payments support until the IMF’s PRGF was in place. The programme was financed by an ADF grant (under ADF-XI) of UA 65 million, and was designed in line with the approach5 set out in the Bank’s “Response to the Economic Impact of the Financial Crisis” (which was approved by the Board in March 2009). The grant was disbursed in a single tranche in August 2009.

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