IMF Wants Assurances on Debt Restructuring Before Congo Bailout
- Congo government has been seeking IMF bailout since last year
- Central African nation owes creditors at least $9.2 billion
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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.
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).