Republic of the Congo
The International Monetary Fund (IMF) on Thursday approved a bailout worth nearly $449 million for the Republic of Congo.
Congo’s economy suffered a sharp drop in crude prices in 2014 and debt levels soared to 118 percent of GDP by 2017. But even as its oil producing neighbours secured IMF programs, its negotiations for a bail out dragged on for two years.
The Republic of Congo has been struggling under a huge debt to China of nearly $2.56 billion at the end of March. It struck a deal to restructure portions of this debt in April.
The Bretton Wood institution has demanded that Congo ensure the long-term sustainability of is debt as precondition for a three-year extended credit facility programs.
The IMF’s executive board approval for this OPEC member country is seen as potentially setting precedent for other nations struggling under huge debts to China.
Reuters
00:59
Egypt opens bid to privatise Hurghada International Airport
11:17
Simandou iron ore: Guinea’s mega project set to transform global mining [Business Africa]
00:52
Senegal: Latest budget report reveals lasting pressure on public finances
00:54
France reconnects with Africa as Macron visits Mauritius
01:42
South Africa braces for a high-stakes G20 summit without the United States
11:17
Nigeria on edge as Trump threatens sanctions and military action {Business Africa}