situation report

Jul 12, 2019 | 13:21 GMT

1 min read

Congo: IMF Approves Bailout Package for Brazzaville

What Happened: The International Monetary Fund has approved a bailout for the Republic of the Congo, according to a July 11 press release.

Why It Matters: The IMF's bailout could set a precedent for other African countries that owe a significant amount of debt to China, as it means the fund will not withhold relief until Beijing agrees to restructure the Republic of Congo's debt obligations and reduce the principal. 

Background: The Republic of the Congo's debt reached 117.5 percent of its gross domestic product in 2017, while the country owes 34 percent of its public debt to China.

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