The International Monetary Fund said its executive board has approved a new three-year, $1.52 billion extended credit facility program for Democratic Republic of Congo to support the African country’s economic reforms and pandemic recovery.
The IMF said in a statement that the loan approval clears the way for immediate disbursement of $216.9 million to Congo to reinforce international reserves. The ECF follows emergency COVID-19 support to Congo under the IMF’s Rapid Credit Facility totaling $731.7 million. An initial disbursement of $217 million has already been made, and will enable the country to strengthen its macroeconomic stability. Moreover, this cooperation with the IMF appears to be a reassuring signal to attract further external financing.
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