IMF board to consider Congo Republic bailout on July 11

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JOHANNESBURG (Reuters) – The International Monetary Fund’s (IMF) executive board will weigh a long-delayed bailout plan for Congo Republic on July 11, according to a calendar published on its website on Thursday.

Negotiations for an IMF programme have dragged on since 2017, with the executive board demanding the central African oil producer ensure the sustainability of its debt, most of which is owed to China and oil traders.

At the end of its most recent mission to Congo in May, an IMF team said it would recommend the board approve a three-year credit facility after the government reached an agreement to restructure a portion of its debt to China.

However, advisers to Congo’s government warned in a letter to the prime minister obtained by Reuters that there was a “major risk” the board would reject the proposed bailout.

Reporting by Joe Bavier; Editing by Toby Chopra

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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