Congo-Brazzaville Creditor Accuses IMF of Ignoring Debts

The IMF has been accused of ignoring big debts owed by Congo-Brazzaville as it contemplates a bailout for Africa’s third-largest oil producer, the Financial Times reported. Commisimpex, a construction company owned by a UK national, has sued the central African nation, also known as the Republic of the Congo, over unpaid bills worth €1.2bn. It has written to the IMF to demand recognition of its claims alongside Chinese lenders and oil traders before the fund releases cash for the government of President Denis Sassou Nguesso. In a letter seen by the Financial Times, the company’s representative called on the IMF to demand “full and proper recording by the Congolese authorities of the Commisimpex debt in the Congo’s public accounts” and to require the government to negotiate with the company. The IMF’s executive board is due to consider a three-year bailout for Congo-Brazzaville on Thursday. Read more