IMF Wants Assurances on Debt Restructuring Before Congo Bailout

The International Monetary Fund said it wants assurances from the Republic of Congo’s creditors about how the nation’s debt will be restructured before it considers a bailout, Bloomberg News reported. The debt-laden country has been trying to secure a bailout since last year from the IMF, which has asked the government to curb rampant corruption and divulge the assets of high-level officials before providing any support. Oil-producing Congo’s economy has contracted for the past two years and it owes creditors at least 5.31 trillion CFA francs ($9.2 billion). The IMF repeatedly rescheduled board meetings to discuss the package in recent months, without saying why. It reached an agreement with the government in April on a program to stabilize government finances. “The arrangement to support Congo’s economic program would be placed on the IMF Executive Board agenda once credible and specific assurances from key creditors on debt restructuring have been established,” the fund said in an emailed response to questions on Friday. Read more