The International Monetary Fund’s (IMF) executive board has concluded a third programme review allowing for an immediate disbursement of about $203 million to Democratic Republic of Congo.
Congo has a three-year, $1.5 billion extended credit facility programme with the lender agreed last year, to help meet financing needs associated with the coronavirus pandemic.
Congo, the world’s biggest source of battery mineral cobalt, met most of the criteria of the three-year program, the Washington-based lender said in a statement.
The Fund projects Congo’s economy to grow 6.6% in 2022, supported by higher-than-projected mining production. It sees inflation exceeding 12% in December due to higher global food and fuel prices.
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