July 11, 2019 / 7:25 PM / 8 days ago

IMF board approves $449 mln bailout for Congo Republic

JOHANNESBURG, July 11 (Reuters) - The International Monetary Fund’s (IMF) executive board approved a three-year extended credit facility programme worth $448.6 million for Congo Republic on Thursday, the Fund said in a statement.

Negotiations for the bailout had dragged on for two years, with the IMF requiring Congo to ensure the long-term sustainability of its debt, much of which is owed to China and Chinese companies. (Reporting by Joe Bavier Editing by Gareth Jones)

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