(Ecofin Agency) - The Republic of Congo will benefit from $448.6 million granted by the International Monetary Fund IMF to fund its economic reforms. This was reported this week by the institution.

Monies will be granted under the 3-year Extended Credit Facility (ECF), signed in 2016, which aims to help Congo restore macroeconomic stability, including debt sustainability, and lay the foundations for higher and more inclusive growth.

“Authorities have implemented an ambitious program of reforms to improve governance. Further reforms will be needed to strengthen the rule of law and the mechanism to combat money laundering and terrorist financing and to establish the new High Authority against Corruption,” said Mitsuhiro Furusawa (photo), IMF’s Deputy Managing Director.

Let’s note that $44.9 million is expected as the first instalment of a new Extended Credit Facility signed with Congo.

Moutiou Adjibi Nourou