See also:
» 18.03.2010 - Congo gets US$ 2.4 billion debt relief
» 29.10.2009 - Embezzlement case against Africa trio overturned
» 01.10.2009 - Brazzaville calls on US to support preservation of the Congo Basin
» 11.12.2008 - Poor debt cancellation deal for Congo Brazzaville
» 10.12.2008 - Congo Brazzaville maintains strong growth
» 29.10.2008 - French oil company plans to exploit tar sands in Congo
» 10.09.2008 - Kenya Airways to fly to Congo Brazzaville
» 17.12.2004 - Confidence in Congo Brazzaville after oil transparency











China wholesale online through DHgate.com


Houlihan's coupons


Finn autentiske matoppskrifter fra hele verden på Verdensmat.no:
Gazpacho Børek Kartoffelsalat Taboulé Gulasj Albóndigas Cevapi Rougaille Japrak sarma Zwiebelbrot Klopse Giouvetsi Paella Pljeskavica Pica pau Pulpo a la gallega Flammkuchen Langosj Tapenade Chatsjapuri Pasulj Lassi Kartoffelpuffer Tortilla Raznjici Knödel Lentejas Bœuf bourguignon Korianderchutney Brenneslesuppe Proia Sæbsi kavurma Sardinske calamares


Autentiske matoppskrifter fra hele verden finner du på Verdensmat.no:
Réunion Portugal Aserbajdsjan Serbia Tyskland Seychellene Bosnia Spania Libanon Belgia India Kroatia Hellas Italia Ungarn Komorene Georgia Mauritius Østerrike Romania Frankrike


Congo Brazzaville
Economy - Development

Debt of US$ 1.6 billion cancelled for Congo Brazzaville

afrol News, 16 December - Congo Brazzaville's main creditor nations have decided to cancel US$ 1,570 million of the poor country's external debt. A further US$ 1,450 million in debt are to be rescheduled to given Congolese authorities an opportunity to lower repayments and invest in social structures and economic development.

This major debt cancellation for Congo Brazzaville was announced by the so-called Paris Club today. The Paris Club is an association of the world's major industrialised countries, which also are the leading creditor nations. The Paris Club acts as a group considering debt cancellation for poor and heavily indebted countries that have reformed their economy in line with demands from the IMF.

Congo Brazzaville, according to the Paris Club, indeed had implemented "economic and financial recovery" efforts in the course of the last two years. The war-ravaged oil producing country has closely followed economic reform prescriptions of the IMF and managed to turn a poor economic trend into substantial growth.

Even the Congolese oil sector, previously known as a stronghold of corruption, has changed into one of the world's most transparent, according to the last IMF reviews of Congo Brazzaville. The IMF recently thus recommended a debt cancellation for the impoverished country, holding that Brazzaville authorities now were spending funds on poverty reduction.

The new agreement offered by the Paris Club treats a total amount of US$ 3 billion of debt, cancelling US$ 1,570 million and rescheduling US$ 1,450 million. This gives Congolese authorities a strongly reduced repayment burden. 67 percent of commercial credits are cancelled. The remaining amounts are rescheduled over 23 years, with 6 years of grace.

This means that Congo Brazzaville's debts to Paris Club creditors are cut from around US$ 3,730 million down to around US$ 770 million. With more economic reforms implemented in Brazzaville, the Paris Club stated that it would extend the agreement to a 90 percent cut of all debts by the country.

The creditor nations "stressed the importance" they attached to "the continued satisfactory implementation" of Congo Brazzaville's economic programme and its poverty reduction strategy. The IMF is to oversee Brazzaville's poverty policies and budget spending also during the next years to assure that authorities keep in line with promised reforms.

The total stock of Congo Brazzaville's external public sector debt was estimated as of end 2003 to be US$ 8,570 million. The World Bank has already cancelled parts of Brazzaville's debts and Congolese authorities are now to seek comparable treatment from its other external creditors.



- Create an e-mail alert for Congo Brazzaville news
- Create an e-mail alert for Economy - Development news


 
    Printable version


On the Afrol News front page now

Rwanda
Rwanda succeeds including citizens in formal financial sector

afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.

Famine warning: "South Sudan is imploding"

afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
Guinea
Panic in West Africa after Ebola outbreak in Guinea

afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
Ethiopia
Ethiopia tightens its already strict anti-gay laws

afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
Ethiopia
Ethiopia plans Africa's biggest dam

afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.



front page | news | countries | archive | currencies | news alerts login | about afrol News | contact | advertise | español 

©  afrol News. Reproducing or buying afrol News' articles.

   You can contact us at mail@afrol.com