KINSHASA, Jan 26 – Global credit ratings agency S&P has revised the Democratic Republic of Congo’s sovereign outlook to positive from stable, citing progress in fiscal reforms, strong mining performance, and improving external conditions.
The agency said Congo’s real GDP growth is expected to average around 5% through 2028, outperforming many peer economies as demand for copper and cobalt remains strong. Rising mining output is projected to support export growth and strengthen foreign currency reserves.
S&P pointed to expected improvements in tax administration, fiscal discipline, and favourable terms of trade, alongside reforms backed by the International Monetary Fund, as key drivers behind the outlook revision.
The decision follows a cautiously optimistic assessment by the IMF after its review of economic programmes with Kinshasa. While supportive of Congo’s reform trajectory, the Fund warned of downside risks, including commodity price volatility and ongoing conflict in the eastern part of the country involving Rwanda-backed rebel groups, which continues to strain public finances.
This week, the copper- and cobalt-rich nation announced plans to issue its first-ever Eurobond, targeting $750 million in April. The government aims to capitalise on relatively low debt levels and improved investor sentiment following IMF and ratings agency support.
Finance Minister Doudou Fwamba Likunde welcomed S&P’s decision, saying it would help boost investor confidence ahead of the Eurobond issuance. He described the outlook revision as recognition of Congo’s economic resilience and the government’s efforts to strengthen macroeconomic stability.
Despite the positive outlook, S&P maintained Congo’s long-term sovereign credit rating at B- and its short-term rating at B for both local- and foreign-currency debt.
