IMF provisionally agrees three-year loan deal with Congo Republic

Republic of the Congo president Denis Sassou Nguesso talks to Chad president Idriss Deby before a meeting at the AU headquarters in Addis Ababa on January 17 2019.An International Monetary Fund mission said on Thursday that it had agreed a three-year lending programme with Congo Republic, subject to president Denis Sassou Nguesso's government's fulfilment of reforms and approval by the IMF's executive board.

But Congo's reduction of its debt load and an agreement struck last month to restructure some $2bn in debt to China led the IMF mission to back a programme. The agreed measures include submitting a report to parliament on notoriously opaque oil-backed loans that the state petroleum company has taken out with private lenders.

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