April 19, 2018 / 2:23 PM / in a year

Congo Republic still not ready for IMF deal - Fund mission

ABIDJAN, April 19 (Reuters) - An International Monetary Fund mission on Thursday applauded reforms promised by Congo Republic during talks aimed at hammering out a bailout but said it was not ready to propose a programme to the Fund’s board.

Hit by low prices for its oil exports, Congo’s external debt has ballooned to $9.14 billion, or around 110 percent of GDP, which the IMF says is unsustainable and must be restructured. (Reporting by Joe Bavier Editing by Edward McAllister and Gareth Jones)

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