Financial agencies in the Democratic Republic of the Congo generated 3,798.6 billion CDF, equivalent to over 1.6 billion USD, by the end of July 2026, according to provisional Banque centrale du Congo statistics. This revenue collection coincided with an expanding public debt outstanding and tighter state budget execution.
State resource mobilization across the Democratic Republic of the Congo reached 3,798.6 billion CDF through July 31, 2026, crossing the 1.6 billion USD threshold. The provisional data from the Banque centrale du Congo (BCC) reveals a monthly resource collection that outpaced projections outlined in the state treasury plan for July, driven largely by performance during the tax deadline. On a monthly basis, the level of resources collected is slightly higher than the forecasts entered in the State treasury plan for the month of July. This performance is mainly driven by the revenues realized during the tax deadline.
Tax Collection Surpasses Projections While DGRAD Lags
Performance varied significantly across the nation’s financial agencies during the month. The Direction générale des impôts (DGI) mobilized 2,499.3 billion CDF against a monthly target of 2,480.4 billion CDF, generating a surplus of 18.9 billion CDF. The Direction générale des douanes et accises (DGDA) posted an even wider margin above expectations, collecting 771.0 billion CDF compared to the anticipated 653.5 billion CDF, marking a positive gap of 117.5 billion CDF. This results in a positive gap of 117.5 billion CDF.
In contrast, the Direction générale des recettes administratives, judiciaires, domaniales et de participations (DGRAD) fell short of its program. The agency recorded 528.3 billion CDF against a programmed 572.1 billion CDF, resulting in a mobilization deficit of 43.8 billion CDF.
Budget Execution Deficit and State Expenditure Pressures
On the expenditure side, the budget execution of the Congolese state stood at 3,844.9 billion CDF at the end of July 2026. This level of expenditure is higher by 46.3 billion CDF than the revenues mobilized by the financial agencies over the same period.
Despite revenue collections exceeding monthly targets by 73.4 billion CDF, state spending grew at a faster pace. Government budget execution stood at 3,844.9 billion CDF at the close of July 2026, exceeding collected revenues by 46.3 billion CDF. The situation thus reveals a negative balance between the resources and the expenditures actually executed, while the Government’s forecasts for the month of July anticipated a treasury surplus.
While executive planning for July projected a treasury surplus of 560.3 billion CDF based on expected revenues of 3,725.2 billion CDF and programmed expenditures of 3,164.9 billion CDF, actual outlays surpassed the initial program by 680.0 billion CDF. Among the main expenditure items are the remuneration of state agents and officials, executed to the amount of 1,245.9 billion CDF, representing an execution rate of 84.6% compared to the credits planned for the month. Financial costs added another 31.9 billion CDF to the total expenditures, as financial costs, for their part, amounted to 31.9 billion CDF.
Expansion of Public Securities and Treasury Operations
To support resource mobilization, the central government continued its issuance of public securities on financial markets, and the total outstanding public securities of the Democratic Republic of the Congo continued to grow during the last week of July 2026. Global outstanding public titles reached 7,655.2 billion CDF on July 29, 2026, up from 7,524.7 billion CDF a week earlier, according to data from the Banque Centrale du Congo (BCC). This weekly increase of 130.5 billion CDF stems from ongoing debt instrument auctions in a context marked by the pursuit of public security issuances by the Government to mobilize resources on the financial markets.
During an adjudication organized on July 28, 2026, the government raised 48.7 million USD in the form of Treasury Bonds in US dollars, with a maturity of two years and an interest rate of 8% per year. The operation generated demand exceeding the sought amount, and the coverage ratio of the amount put up for adjudication stood at 121.7%, reflecting investor interest in this issuance. This new fundraising contributes to the increase in the total outstanding public securities, which grew by 130.5 billion CDF between July 22 and July 29, 2026.
Furthermore, the Government had announced, on July 22, 2026, an adjudication of indexed Treasury Bills for an amount of 50.0 billion CDF. As of July 29, no result of this operation had however been communicated, and it is therefore not yet possible to determine the amount actually mobilized or the level of investor participation in this adjudication.
Public borrowing is set to continue through the third quarter of 2026. The use of public securities is expected to continue during the third quarter of 2026. According to the public securities issuance calendar, the Government plans adjudications of indexed Treasury Bills for a cumulative amount of 300.0 billion CDF over the period, alongside an executive plan to mobilize 400.0 million USD in the form of Treasury Bills and Bonds in foreign currency. In total, the third quarter issuance program thus covers 300 billion CDF of indexed Treasury Bills and 400 million USD of securities in foreign currency, as reported under Mitterrand MASAMUNA.
