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The IMF and the Democratic Republic of Congo have agreed to two new loan programs that would provide the central African country with close to $3 billion, the Washington-based institution said Wednesday.
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The announcement was made by the International Monetary Fund at the end of a two-week mission to the DRC to discuss the programs, which are designed to boost the country’s economy and support its green transition.
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One program is an economic support package called an Extended Credit Facility (ECF) for around $1.8 billion, while the second, known as a Resilience and Sustainability Facility (RSF), is worth around $1.1 billion, IMF DRC mission chief Calixte Ahokpossi said in a statement.
The ECF-backed program “aims to foster strong and inclusive growth, accelerate economic diversification, stimulate job creation, enhance living standards, advance governance and transparency, and alleviate poverty,” the IMF announced.
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The RSF, meanwhile, “aims to help DRC realize its strategic vision as a ‘solution country’ in the transition towards a low-carbon global economy, while strengthening its resilience to climate shocks,” the statement added.
Both agreements will last for three years, and are subject to approval by the IMF’s executive board at a meeting in mid-January, Ahokpossi said.
However, board approval has historically been something of a rubber-stamping exercise, with any disagreements normally discussed by member states behind closed doors before the announcements are made by the IMF.
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