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Republic of Congo economy set to benefit from $448.6m IMF credit

The country had been negotiating with the IMF for two years over a bailout after its economy was battered by the collapse of world oil prices.

A general view of the construction site for the future Ministry of Interior in Republic Square in Brazzaville on which work was halted in 2016 as the state had no money to pay its suppliers. Picture: AFP

BRAZZAVILLE – The development of the economy of the Republic of Congo is set to be boosted after the International Monetary Fund (IMF) in July said it had agreed to a three-year $448.6 million credit to help the tiny central African oil producer.

The country, also known as Congo-Brazzaville, had been negotiating with the IMF for two years over a bailout after its economy was battered by the collapse of world oil prices.

The IMF said in July it had authorised an immediate payment of a $44.9 million tranche of the loan.

The IMF had called for action on corruption, debt and poor governance. It had in the past accused Brazzaville of hiding part of its debt from the organisation.

Congo's troubles have been exacerbated by the fall in the price of world oil and dwindling crude reserves because the petroleum industry accounts for much of its economic output.