The Democratic Republic Congo expects to secure within days some $600 million (R4726 million) of International Monetary Fund support aimed at bolstering its economy, its central bank chief told Reuters yesterday.
The support is part of some $10 billion (R78 billion) in Special Drawing Rights (SDRs) pledged to sub-Saharan Africa countries by IMF chief Dominique Strauss-Kahn in May as part of efforts to help the region weather the economic slowdown.
“In total Congo will receive more or less $600 million, and that will happen before the end of next week, so it’s imminent,” Jean-Claude Masangu told Reuters on the margins of a bankers’ conference in Kinshasa.
SDRs can be exchanged for the currencies of other IMF members, thus allowing the owner access to valuable reserves.
Congo is still recovering from decades of corrupt dictatorship and a 1998-2003 war.
Demand for oil and mineral exports, which make up around 60 % of its African country’s revenues, plunged last year and its foreign currency reserves fell to almost nil in February before a previous IMF emergency injection.
Masangu said Congo expected to receive two allocations of SDRs, one worth $200 million and the other $400 million (R3145 million).
Pic: Lack of infastructure