The Republic of Congo welcomes the agreement reached with the International Monetary Fund (IMF) to support its program of economic and financial reforms under CEMAC. This agreement is supported by other multilateral donors, such as the World Bank and the African Development Bank (AfDB).
Through this agreement, subject to the approval of a forthcoming IMF Board of Directors, the institution and its partners will provide the Republic of Congo with funding to support the three-year economic and fiscal measures.
The Republic of Congo is pleased to have met all the criteria to be eligible for financing of its economic and financial program by the IMF and its international partners. The conclusion of this agreement will also allow the Republic to benefit from other bilateral financing, as recently mentioned by the French Minister of the Economy by announcing a support of 135 million euros conditioned to the conclusion of a program.
The program aims to ensure the recovery of overall economic growth based on a sustainable fiscal balance and the restoration of debt sustainability in the short term.
Negotiations with creditors have already been initiated, in line with IMF recommendations, to restructure the country’s debt. These negotiations do not concern international bondholders.
Calixte Nganongo, Minister of Finance and Budget said: “This agreement with the IMF and its multilateral partners is part of the CEMAC initiative whose countries have all requested the assistance of the institution to restore stability. of the region. It enables the Republic of Congo to benefit from substantial funding with the aim of returning to inclusive and sustainable growth. This program is fundamental to the country’s economy: it aims to maintain a stable macroeconomic environment, compatible with the sustainability of the public debt, while taking into account the weakest. ”
The program is structured around five pillars:
the fiscal adjustment supported by a restructuring of the public debt to make it sustainable, and allow the protection of vulnerable populations, including women,
safeguarding the stability of the financial sector,
strengthening governance, including transparency in the management of natural resources,
statistical capacity building,
structural reforms for improving the business climate, economic diversification and regional integration.
The Congolese government thanks the IMF teams for the quality of the work done in perfect collaboration.
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