IMF Board to Consider Bailout for Congo Republic on July 6

The Executive Board of the International Monetary Fund will examine debt-crippled OPEC member Congo Republic's request for a bailout on July 6, according to an IMF calendar seen by Reuters on Wednesday. Like other central African oil producers, Congo has been hit hard by low crude prices and is struggling under the weight of over $9 billion in debt, equivalent to around 110 percent of its gross domestic product, the International New York Times reported on a Reuters story. Following a mission to Congo in April, an IMF delegation said it had "reached broad understandings on policies" it could support within the framework of an arrangement under the Fund's Extended Credit Facility. However, before it could submit a deal to the board, the delegation said Congo would need to fulfill conditions including making progress towards restructuring debt the Fund considered unsustainable. Read more. (Subscription required.)