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Vol 2 (AAC) No 10

Published 1st August 2009


Gagner-gagner - they claim

Both sides are claiming victory this month in the long-running negotiations on debt relief between the Kinshasa government and the International Monetary Fund and the World Bank. Kinshasa has won promises of substantive and rapid relief on some US$11 billion of debt owed to the Bank and the Fund, which dates back to the rule of the West's Cold War ally President Mobutu Sese Seko (1965-1997). The revised plan on Congo's debt and the terms of a new IMF lending programme are due to go to the Fund's board on 24 September. If approved, the three year debt relief plan could start in early 2010 and reduce debt service obligations by as much as $400 mn. a year.

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