ZCZC
BCN-05
CONGO-IMF-ECONOMY
IMF agrees to $448.6 mn credit for Republic of Congo
BRAZZAVILLE, July 12, 2019 (BSS/AFP) – The International Monetary Fund on
Thursday said it had agreed to a three-year $448.6 million credit for
Republic of Congo to help develop the economy of the tiny central African oil
producer.
The country, also known as Congo-Brazzaville, had been negotiating with
the IMF for two years over a bailout after its economy was battered by the
collapse of world oil prices.
The IMF said it authorised an immediate payment of a $44.9 million tranche
of the loan.
The IMF had called for action on corruption, debt and poor governance. It
had in the past accused Brazzaville of hiding part of its debt from the
organisation.
Congo’s troubles have been exacerbated by the fall in the price of world
oil and dwindling crude reserves because the petroleum industry accounts for
much of its economic output.
BSS/AFP/HR/0912