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Chinese President Xi Jinping on Monday agreed in principle to a restructuring of Congo’s vast debts, an issue that was blocking negotiations with the International Monetary Fund, a minister said.
Acknowledging this Congolese Prime Minister Anatole Collinet Makosso on moday June 21 said that the financial difficulties his country has faced, delayed servicing of the debt and promised to reduce a debt that has recently increased.
The prime minister says the health crisis brought about by the Covid-19 led to an increase in borrowing that was aimed at cushioning its citizen without the ability to service it and thus it was time to make their debt sustainable going forward.
“Our debt currently stands at nearly $10,892,454,000 as of 31 December 2020, or 98% of GDP. Our objective is to bring it down to below the CEMAC community standard set at 70% of GDP,” Anatole Collinet Makosso said to the National …