Talks on repayment of huge oil-backed advances to the country are stuck
Denis Sassou Nguesso. Picture: REUTERS/ANIS MILI
Those hinge on restructuring oil-backed loans to Swiss traders as money the state saves on reduced debt servicing that would fill a gap in an overall $2bn national rescue plan. More IMF disbursements could help unlock another nearly $900m in financing from the World Bank, African Development Bank and France, all of whom are backing the rescue programme.
An IMF spokesperson said: “We have not received any formal communication from the authorities regarding the specifics of an agreement in principle, either in the past or more recently.” Congo restructured nearly $1.6bn in loans from China without taking a haircut, according to a deal inked in 2019, before the IMF agreement. That deal plus an increase in oil prices had strengthened the Swiss companies’ resolve, according to one source familiar with their position.
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