IMF Aid to Congo Republic on Hold Over Glencore, Trafigura Impasse

Talks to salvage a tentative $1.7 billion debt restructuring between Congo Republic and energy traders Glencore and Trafigura are stuck, sources said, jeopardising an International Monetary Fund bailout for the debt-hobbled nation, Reuters reported. The IMF signed off in July on a $449 million, three-year lending programme to help the central African nation’s ailing economy - but only $45 million has been disbursed with other funds subject to semi-annual reviews. Those hinge on restructuring the oil-backed loans to the Swiss traders as money the state saves on reduced debt servicing would fill a gap in an overall $2 billion national rescue plan. Read more

Location