China to restructure Congo’s debt



Tancrede Chambraud | AfricaNews

Congolese Prime Minister Anatole Collinet Makosso acknowledged on Monday the financial difficulties his country is facing, and promissed to reduce a debt that has recently increased.

“Our financial difficulties, compounded by the health crisis, have increased our debt and reduced our ability to service it. We must therefore do everything possible to make the public debt sustainable. Our debt currently stands at nearly CFA Francs 6 trillion as of 31 December 2020, or 98% of GDP. Our objective is to bring it down to below the CEMAC community standard set at 70% of GDP,” Anatole Collinet Makosso said to the National Assembly in capital city Brazzaville.

This speech by Prime Minister Makosso comes after Chinese President Xi Jinping agreed to a restructuring of Congo’s vast debts which prevents this Central African country from resuming negotiations with the International Monetary Fund (IMF).

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