IMF Approves $2.7 Billion Loans for DRC

The IMF has approved loans totaling over $2.7 billion for the Democratic Republic of Congo, aimed at boosting growth and facilitating investment. The package includes an extended credit facility and a resilience and sustainability facility to support the country's economic priorities.

The International Monetary Fund has sanctioned loans exceeding $2.7 billion for the Democratic Republic of Congo. The executive board of the IMF announced this approval on Wednesday, marking a significant financial boost to the African nation.

The loan package comprises approximately $1.7 billion under an extended credit facility in addition to about $1 billion allocated through a resilience and sustainability facility. This financial inflow is expected to significantly aid the DRC's economic landscape.

According to Kenji Okamura, the IMF's deputy managing director, the Congolese leadership intends to deploy these funds to drive growth and expand fiscal capacity for vital investments and social expenditures.

(With inputs from agencies.)