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IMF, World Bank approve more debt relief for Congo

IMF, World Bank approve more debt relief for Congo

The International Monetary Fund and the World Bank have agreed to support $1.9 billion in debt relief for Congo, which includes $225.2 million in relief from the two Washington-based institutions.
The IMF and the bank said the Kinshasa government has fully implemented measures related to macroeconomic stability, public financial management, oil sector management, combating corruption and improving health and education programs.
"We are very pleased that the boards of the bank and the fund have approved full debt relief for the Republic of Congo," said Marie-Francoise Marie-Nelly, the bank's director for Congo. "This is a recognition of the remarkable progress made by the Congolese authorities in undertaking major and difficult reforms."
She said Congo was emerging from conflict and continues toward economic and social recovery.
Robert York, the IMF's mission chief for Congo, said the government is "determined to lay a firm foundation for enhancing growth and reducing poverty, which is very encouraging."
Congo has been mired in conflict since Rwanda's 1994 genocide spilled war across the border and ethnic Rwandan Hutu militias sought refuge in Congo. Rwanda has invaded twice to eradicate the militias, toppling dictator Mobutu Sese Seko in the process. Fighting from 1998-2002 drew in half a dozen African armies and split the vast nation into rival fiefdoms.


Updated : 2020-12-03 13:14 GMT+08:00