Between Brazzaville and the International Monetary Fund (IMF), the agreement on a possible financial arrangement under the Extended Credit Facility (ECF) is still far. Witness the statement issued by the institution at the end of a new mission in the Congolese capital.
Officially, the mission was in Congo to continue the discussions. “The planned program, supported by the ECF, is intended to help the Republic of Congo restore macroeconomic stability and achieve higher and more inclusive growth,” the statement said.
In particular, he continues, the program seeks to restore debt sustainability and provides for a wide range of reforms to improve governance, reduce corruption, and increase transparency and efficiency in the management of public resources. , especially in the oil sector. Its successful implementation “would also contribute to the external stability of the Central African Economic and Monetary Community (CEMAC) and support the collective efforts of other member countries and the regional institutions of the monetary union,” the IMF adds.
In addition, the team announces that the IMF will continue discussions with the authorities on the necessary steps to ensure that Congo’s request “can be examined by the board of directors”. “These steps would include revising the draft 2019 Finance Law, implementing reforms to improve governance and transparency, as well as obtaining explicit funding assurances from external external creditors, including debt relief. debt, necessary to restore debt sustainability, “she says, all in the conditional.
Invested personally in ending these discussions, President Denis Sassou Nguesso said last August, he hoped to reach this agreement, which will contribute significantly to improve the state of public finances in his country.
