Congo to Request Emergency IMF Loan

Cash-strapped Congo hopes to secure a USD200 million emergency loan under the International Monetary Fund's external shocks facility to help ease financial woes in the African nation,

reported. According to the government, "the drop in revenues from oil and timber, as well as minerals, including diamonds, resulting from the international financial and economic crisis" primarily triggered currency depreciation in the mineral-rich country. "This situation might threaten the macroeconomic stability that has been achieved (in Congo) over the past three to five years," said Michel Losembe, president of the Congolese Association of Banks.

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