Congo seeks China’s help to secure financial support from IMF
London, August 29, 2018,(AltAfrica) – The China-Africa Cooperation Forum to be held in Beijing from 3 to 4 September will be another opportunity for the Republic of Congo to solicit China’s support in its attempt to secure financial support from the International Monetary Fund (IMF).
China is Congo’s largest creditor.
Thierry Moungala, Brazzaville’s information told Bloomberg that “Any clear support from China, politically and economically, will assure the IMF that the reforms” that the government agrees to in exchange for a rescue plan will be implemented”.
Congo, the continent’s fourth largest oil producer, owes at least $9.14 billion to various international creditors.
For at least two years its economy, essentially dependent on oil, has contracted due to the plunge in crude oil prices.
The country’s debt has reached 110% of GDP. Transparency International considers Congo one of the most corrupt countries in Africa.