This study analyses the progress of public financial management (PFM) reforms in the Democratic Republic of Congo, and prospects for further change. It provides a diagnosis of the strengths and weaknesses of public financial management, mainly at the level of central government. It then explains this performance and the progress of reforms using political economy analysis to identify the incentives and interests that may block or promote change. It seeks to identify room for manoeuvre in the reform process where development partners and other stakeholders can use their leverage and influence to bring about progress. The report concludes with a list of recommendations for development partners and government.