IMF board approves $212 mln credit disbursement to Congo

THE International Monetary Fund’s board has approved the disbursement of a $212 million loan agreement with Democratic Republic of Congo to bolster the country’s foreign reserves, the lender said.

The IMF agreed a three-year, $1.52 billion extended credit facility program with Congo in July, to help meet financing needs associated with the coronavirus pandemic.

Despite the persistence of the virus, Congo’s economy is expected to grow 5.4 percent this year and 6.2 percent in 2022, supported by higher-than-envisaged mining production and a rebound in other sectors, the IMF said.

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