The International Monetary Fund (IMF) announced it would loan the Democratic Republic of Congo (DRC) $750-million in the form of a three-year economic program.
Kinshasa will have immediate access to $543-million and the rest, about $207-million, will come in six instalments as the plan fulfils successive stages, the IMF said in a statement.
An initial agreement on this program was announced by IMF head Horst Koehler in Kinshasa during his African tour at the end of April.
The loan will be administered by the Poverty Reduction and Growth Facility (PRGF), which implements strategic programs to fight poverty. Each facility is established by local authorities in each country and is subject to IMF and World Bank approval.
The loans will carry a 0,5% annual interest rate, and are due in ten years, with a grace period of 5,5 years on the principal.
”The fund welcomes progress made by the authorities to strengthen the peace process and the inter-Congelese dialogue, which should lead to the reunification of the country, the formation of a government of national unity, a new constitution, and free and transparent elections,” Koehler said. –AFP
