A technical and advisory body has been created, placed under the coordination of the Directorate General of Public Debt (DGDP). The Committee is tasked with assessing the financial, budgetary and credit risks of applicant entities and assigning a reasoned risk rating to each file. Its composition is interministerial and includes representatives from the Central Bank of Congo and the Higher Portfolio Council.

Clarified and Secured Procedures

The Order establishes clear rules for:

- Borrowing authorisation (covering public establishments, state-owned enterprises, provinces and decentralised territorial entities);
- The granting of State guarantees (decided by decree of the Prime Minister);
- The on-lending of loans by the State to third parties.

Each application is now conditional upon the submission of a comprehensive file (including certified financial statements, feasibility studies and financing plans), failing which the application will be declared inadmissible.

Three distinct assessment methodologies are provided for, depending on whether the applicant is (i) a state-owned enterprise, (ii) a province or decentralised entity, or (iii) a private entity governed by Congolese law. A risk rating is assigned to each transaction.

Beneficiaries of an authorisation, guarantee or on-lending arrangement are required to submit quarterly reports on budget execution, debt servicing and project progress. The DGDP ensures continuous monitoring and may refer matters to the CARC in the event of a significant deterioration in the risk profile.

Provinces and decentralised territorial entities may contract domestic borrowing without prior authorisation from the Minister of Finance, in accordance with their principle of free administration. However, any request for a State guarantee remains subject to the strict procedure set out in the Order.

For state-owned enterprises, public establishments, provinces and private entities, this new regulatory framework requires rigorous advance preparation to meet the documentary requirements now imposed for any borrowing, guarantee or on-lending application. Operators will also need to strengthen their internal teams dedicated to debt management and financial reporting in order to comply with the quarterly monitoring obligations introduced by the Order. Lastly, it is recommended that these new rules be integrated at the earliest stage of structuring major projects, both to secure their financial arrangements and to avoid any risk of rejection on grounds of inadmissibility.

For investors and lenders, the Order provides enhanced visibility into the procedures and risk assessment criteria applicable to public and parapublic debt transactions. They will now have a clearly identified technical point of contact through the Credit Risk Analysis Committee (CARC), which will facilitate the review of applications and strengthen the predictability of decisions.

This Order forms part of a broader drive to enhance transparency and sustainability in public debt management in the DRC. It represents a major opportunity to secure both public and private financing in the country.

It sends a strong signal to financial partners and rating agencies in favour of more professional management of sovereign and parapublic risks.

The swift publication of implementing instruments (methodologies, fee schedules) and the effective operationalisation of the CARC will be the key next steps to monitor closely.