IMF Board Approves $449 Million Bailout For Congo Republic | 9/4/2018 | Staff
joyy (Posted by) Level 3
JOHANNESBURG (Reuters) – The International Monetary Fund’s (IMF) executive board approved a three-year extended credit facility program worth $448.6 million for Congo Republic on Thursday, the Fund said in a statement.

Congo’s economy suffered from a sharp drop in oil prices in 2014, causing debt levels to balloon to 118% of GDP in 2017. But negotiations for the bailout had dragged on for two years, as the Fund required the government to ensure the long-term sustainability of its debt.

Much of that...
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