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Congo says IMF mulling new aid

October 06, 2019

DAKAR: The International Monetary Fund (IMF) will consider renewing financial support to Democratic Republic of Congo within the next six months, the government in Kinshasa said on Saturday.

The IMF suspended its last financial aid to Congo - a loan program worth more than $500 million - in 2012 after the government failed to provide sufficient details on the sale of state mining assets to an offshore company.

In a statement following a cabinet meeting, the government said: “The IMF will examine within six months a short-term program with the government.” It provided no further details.

The IMF did not immediately respond to a request for comment. It said last month that a political transition in which Felix Tshisekedi succeeded longtime President Joseph Kabila in January provided an opportunity to address deep-seated economic challenges.

Congo is a leading miner of cobalt, copper, gold, tin and diamonds but remains one of the world’s least developed countries, largely due to corruption and poor governance.