Congo Republic public debt around $9.14 bln: IMF

The International Monetary Fund logo is seen inside its headquarters at the end of the IMF/World Bank annual meetings in Washington, U.S., October 9, 2016. REUTERS/Yuri Gripas

Congo Republic’s public or publicly guaranteed debt stood at 5.329 trillion CFA francs, or around $9.14 billion, at the end of July.

The International Monetary Fund disclosed this at the end of an assessment mission on Wednesday.

The amount, which equates to around 110 percent of the oil producer’s gross domestic product, does not include debt under litigation, it said.

Congo’s economy, which is heavily dependent upon revenues from oil exports, has been hit hard by the drop in global crude prices.

The government has entered negotiations with the IMF to try to secure a financial assistance programme.

“The findings of the mission will inform the next steps toward a possible IMF-supported programme to restore macroeconomic stability, and promote sustained and inclusive growth,” said Abdoul Aziz Wane, who headed the IMF delegation.

Congo’s debt load has come under scrutiny from the IMF.

Construction firm Commisimpex has gone to a French court in its fight with the Congo Republic over what it says are more than $1 billion in unpaid bills, the latest step in a decades-old saga that has weighed on the nation’s economy.

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