International Monetary Fund, IMF, says it has achieved a staff-level agreement with the Democratic Republic of Congo regarding the concluding assessment of a $1.5 billion loan program, stressing the need for proper management of mining funds.
As revealed by the fund, Congo’s performance within the three-year program has been largely favorable, with the achievement of most quantitative targets and the implementation of crucial reforms, albeit at a sluggish pace.
Once approved by the IMF Board, the agreement will allow for the disbursement of a final tranche of around $200 million.
This move will bring Congo closer to fulfilling an IMF program for the first time, as past agreements have been disrupted by challenges such as transparency within its extensive mining industry.
