Construction Firm Wants Debt Settlement as Part of Congo IMF Deal

Construction firm Commisimpex is calling upon the International Monetary Fund (IMF) to make settlement of its 1.2 billion euro ($1.35 billion) debt dispute with Congo Republic a precondition for a bailout deal, according to a letter seen by Reuters. Congo’s negotiations for an IMF bailout program have dragged on since 2017, Reuters reported. The Fund’s executive board is due to consider a bailout for Congo on Thursday after the government agreed to restructure a portion of its debt to China. The IMF had also required Congo - an oil producer and OPEC member - to make progress toward restructuring debt owed to oil trading companies. Commisimpex, which worked on construction and public works projects from the early 1980s until a Congolese court ordered its liquidation in 2012, said debt stemming from decades-old unpaid bills must also be taken into account. Read more