The International Monetary Fund (IMF) and the World Banks International Development Association (IDA) have agreed to support 1,9 billion US dollar (godt 10 milliarder DKR) in debt relief for the Republic of Congo, which includes 255,2 million dollar (1,357 milliarder DKR) of debt relief from the two institutions.
The Boards of Directors determined that the former French colony has taken the necessary steps to reach its completion point under the HIPC Initiative (Heavily Indebted Poor Countries).
The authorities have fully implemented measures related to the national poverty reduction strategy, macroeconomic stability, public financial management, oil sector management, governance, as well as implementing reforms in the health and education sectors, and debt management. Despite their stringency, all the triggers for the completion point were met.
The Republic of Congo (også kendt som Congo Brazzaville, red.) becomes the 28th country to reach the completion point under the Initiative.
The completion point marks the end of the HIPC process, which started in March 2006 when the Executive Boards of the IMF and the World Bank agreed that the Republic of Congo had met requirements for reaching the decision point.
Kilde: www.worldbank.org
