The International Monetary Fund (IMF) and the World Bank’s Silence on Rwanda’s Theft of the Democratic Republic of the Congo (DRC) Mineral Wealth is Deeply Concerning

Open Letter to the International Monetary Fund and the World Bank Regarding Rwanda’s Gold Exports

Your Excellencies,

• Kristalina Georgieva, Managing Director, the International Monetary Fund

• Ajay Banga, President of the World Bank Group

This Open Letter serves to draw your attention to Rwanda’s gold exports. I wish to highlight two specific facts regarding Rwanda’s gold exports.

Firstly, Rwanda’s gold exports experienced a remarkable surge of over 100% between 2021 and 2023. To provide specific figures, Rwanda’s gold exports increased significantly from US$363 million in 2021 to US$883 million in 2023. This data is derived from the National Bank of Rwanda’s “Monetary Policy and Financial Stability Statement” published in 2024. https://www.bnr.rw/documents/MPFSS_March_2024_Final_Booklet.pdf

During the period when Rwanda’s gold exports more than doubled, the Democratic Republic of the Congo’s (DRC) M23 militia, supported by the Rwanda Defence Force (RDF), seized and occupied the gold-rich Eastern DRC.

Secondly, I would like to draw your attention to the fact that the National Bank of Rwanda omits entirely Rwanda’s gold exports from the 2025 “Monetary Policy and Financial Stability Statement.” https://www.bnr.rw/documents/MPFSS_Report_March_2025.pdf

The omission of the gold exports from 2023 onward coincides with the seizure of the entire Eastern DRC, leading to the control of the region’s major cities of Goma and Bukavu by the Rwanda-backed M23 militia. 

Crucially, the illicit exploitation of the DRC’s mineral resources from 2021 to the present has garnered global recognition and response. The United Nations, the United States, the United Kingdom, and the European Union have unequivocally condemned and imposed sanctions on Rwanda for its atrocities and illicit exploitation of the DRC’s mineral wealth. Notably, the United Kingdom and Germany have suspended their development assistance to Rwanda, while the European Union has sanctioned the RDF’s generals responsible for overseeing Rwanda’s war machine in the DRC.

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on James Kabarebe, the right-hand man to Rwandan President Paul Kagame. A former Rwandan Defence Force general, Kabarebe is the current Minister of State for Regional Integration in the Rwandan Ministry of Foreign Affairs. The US Department of the Treasury identified Kabarebe as the Rwandan government liaison to M23 who orchestrates RDF support for the armed group. Furthermore, Kabarebe manages Rwanda’s and M23’s revenue generated from the DRC’s mineral resources. He coordinates the export of extracted minerals from mining sites in the DRC for eventual export from Rwanda. https://home.treasury.gov/news/press-releases/sb0022

The annual field research conducted by the United Nations Security Council’s Group of Experts on the Democratic Republic of Congo provides a comprehensive documentation of the extent to which Rwanda extracts Congolese mineral wealth. The 2024 UN Group of Experts report elucidates how the M23 and the RDF systematically captured territories of North and South Kivu in the DRC between 2022 and 2024. As the M23 and the RDC advanced into these territories, they seized mining sites of various minerals and surrounding mining areas. Subsequently, the M23 established local administration entities that amassed up to US$800,000 per month in taxes derived from mineral production and trade. These minerals were subsequently transferred to Rwanda-bound trucks without any hindrance. https://documents.un.org/doc/undoc/gen/n24/373/37/pdf/n2437337.pdf]

In February 2025, the M23 militia seized the cities of Goma and Bukavu in the North and South Kivu provinces, thereby effectively securing Rwanda’s control over the Democratic Republic of the Congo’s mineral resources.

With all due respect, the International Monetary Fund (IMF) and the World Bank’s silence on Rwanda’s illicit exploitation of the Democratic Republic of the Congo (DRC) mineral wealth constitutes a grave disregard of their oversight responsibilities. Only the IMF and the World Bank possess exceptional leverage over Rwanda as its primary funders. As the IMF rightly underscored in 2020, Rwanda is one of the twenty-five poorest and most vulnerable members that rely heavily on the IMF’s support to repay their debt obligations. Consequently, the IMF is uniquely positioned to hold Rwanda accountable for the illicit exploitation of the DRC’s mineral wealth. It is imperative that Rwanda cease its illegal exports of DR Congo’s natural wealth.

Sincerely,

David Himbara

Biography of David Himbara