IMF says Congo Republic debt higher than reported during mission

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DAKAR (Reuters) – Congo Republic’s debt is higher than was reported during an IMF mission in March to discuss a possible programme, as Congo authorities did not fully disclose their debt situation until June, a spokesman for the fund said on Friday.

“Congo had not completed a full disclosure of its debt situation at the time of the March 2017 mission to discuss a possible program supported by the IMF,” the spokesman said in an emailed response to questions.

“The debt of the Republic of Congo is indeed higher than reported in our press release at the end of the March 2017.”

Congo is currently in a dispute with bond holders and rating agencies over what they say is a default on the latest coupon payment of its $363 million Eurobond. Congo denies it is in default.

Reporting by Tim Cocks and Edward McAllister; Editing by Alison Williams

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