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IMF approves $455 mn loan for Congo

AFP . Washington
26 Jan 2022 00:00:00 | Update: 26 Jan 2022 00:52:31
IMF approves $455 mn loan for Congo

The IMF board on Monday approved a three-year, $455 million loan for the Republic of Congo to help undergird the small African nation’s economic recovery.

The global crisis-lender will provide $90 million immediately under the Extended Credit Facility to help the oil-dependent country deal with the impact of the Covid-19 pandemic.

The economy “is expected to strengthen in the second half of the year, supported by vaccine rollout, social spending, and domestic arrears, payments,” IMF Deputy Managing Director Kenji Okamura said in a statement

“However, the nascent recovery is facing significant risks, including a possible worsening of the pandemic (and) continued volatility in oil prices.”

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