IMF agrees to bailout Congo Republic
International Monetary Fund (IMF) decision to bailout the Republic of Congo (Brazzaville) this week is expected to allocate around $2 billion in funding from the African Development Bank (AfDB), Reuters news agency reports, referring to its sources.
Following two years of negotiations, the IMF’s executive board approved a three year programme worth nearly $449 million for Congo, an OPEC member suffering a setback by a 2014 crash in crude prices.
An International Monetary Fund (IMF) mission led by Alex Segura-Ubiergo visited Brazzaville to hold discussions toward a possible arrangement under the Extended Credit Facility (ECF). As a result the proposed ECF-supported program aims to help the Republic of Congo restore macroeconomic stability and achieve higher and more inclusive growth. In particular, the program seeks to restore debt sustainability and targets a wide range of reforms to improve governance, reduce corruption, and achieve greater transparency and efficiency in the management of public resources, especially in the oil sector.