A night time view of Kinshasa, the capital of the Democratic Republic of Congo. Photo by: onthebridge / CC BY-NC-ND 2.0 onthebridgeCC BY-NC-ND 2.0

The Democratic Republic of Congo received USD12.3 billion in debt relief from the International Monetary Fund and the World Bank Group’s International Development Association.   

DRC’s debt relief involves USD11.1 billion under the Heavily Indebted Poor Countries Initiative, and USD1.2 billion from the Multilateral Debt Relief Initiative, according to a July 1 press release.

Key to the World Bank Group’s decision for DRC debt relief was the country’s “satisfactory implementation” of poverty reduction and growth strategies, macroeconomic policies, public expenditure and debt management, and improved governance. DRC is the 30th country to reach the completion point under the HIPC Initiative.    

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    Chiden Balmes

    Chiden, a correspondent based in Seoul, focuses on computer-assisted reporting to provide international development professionals with practical business and career information. He also contributes to the Development Newswire and the Global Development Briefing, two of the world's highest-circulation development publications.