Congo Republic Plans to Settle Domestic Debt Ahead of 2021 Vote
- Settling of domestic debt is meant to stimulate economy
- President Sassou Nguesso seeks re-election in March 2021
President Denis Sassou Nguesso seeks to extend his 23-year tenure in March elections.
Photographer: Thierry Charlier/AFP via Getty Images
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The Republic of Congo plans to settle its internal debt to stimulate the economy, starting with 300 billion CFA francs ($542 million), or about a third of the amount the government owes currently, according to the deputy Finance Minister.
The money was mobilized by the so-called Brazzaville Club, which comprises three commercial banks in the central African nation, Ludovic Ngatsé said by phone. While 25% is reserved for small operators, the remaining three-quarters is intended for “large accounts, with a good-faith commitment on their part to inject the proceeds into major projects,” he said.