(Ecofin Agency) - In the Democratic Republic of Congo, the Senate has approved the proposed restructuration of a $2.5 billion debt owed to Exim Bank China.
This approval is the ultimate step of a process that will allow the Central African country solve its debt problem, which was a roadblock for its agreement with the IMF.
Neither the financing terms nor the volume of DRC’s debt toward China was clearly explained. According to figures published in 2017 by the China-Africa Research Initiative (CARI), this debt was $7.6 billion. The country’s debt towards Exim Bank China was close to $2.5 billion.