Congo-Brazzaville asks to open talks with IMF for new economic programme

The Republic of Congo has formally asked to open negotiations with the International Monetary Fund (IMF) with a view to establishing a new economic and financial programme.

The country is struggling with a debt burden of more than 90% of GDP. With limited opportunity for economic expansion, its budgetary revenue is highly dependent on oil production and vulnerable to fluctuations in global commodity prices.

Announcing the news on Monday, Brazzaville framed the move as the outcome of decisions taken at a January summit of the Central African Economic and Monetary Community, or CEMAC.

At the meeting, leaders stressed the need for member states to align their economic policy with an IMF framework and defend the parity of the Central African CFA franc across the six nations that use it.

An IMF mission is expected to arrive in Brazzaville in the next few weeks to start discussions.