IMF board approves $449 mln bailout for Congo Republic

JOHANNESBURG () – The International Monetary Fund’s (IMF) executive board approved a three-year extended credit facility program worth $448.6 million for Congo Republic on Thursday, the Fund said in a statement. Negotiations for the bailout had dragged on for two years, with the IMF requiring Congo to ensure the long-term sustainability of its debt, much of which is owed to China and Chinese companies. Reporting by Joe Bavier; Editing by Gareth JonesOur Standards:The Thomson Trust Principles.