IMF team to visit DR Congo as economic crisis deepens

International Monetary Fund Managing Director, Christine Lagarde on Thursday proposed a visit of IMF officials in Democratic Republic of Congo to check the state of the central African nation’s economic crisis, the finance minister told Reuters.

According to Finance minister Henri Yav, the head of the international lender addressed a letter to the Head of state Joseph Kabila himself. However, Congo had been waiting for the formation of a new government before responding.

The IMF visit could help the country attract donors who have been put off in recent years by a tense political climate and reports of human rights violations, Reuters reported.

Congo, Africa’s biggest copper producer, relies heavily on raw materials, which account for 98 percent of export earnings. After bouncing back at the start of the year, copper on the London metal exchange fell by a quarter last year, and has fallen further in 2016.

The IMF said in March that it was “prepared to provide financial support once the political situation is clarified and stabilized”.

Close aides of Kabila, who has been in power since 2001, claim logistical difficulties mean it would be impractical to hold any polls before 2018.

The president has been accused of trying to cling to power by postponing elections indefinitely – a charge denied by spokesmen and supporters.

Despite vast mineral and other resources, the DRC is one of the world’s poorest states.

Geraldine Boechat Posted by on May 12, 2017. Filed under Finance. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

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