Albert Zeufack, World Bank chief economist for Africa, said on Wednesday, October 3, 2018 that Congo is “coming out of recession, notwithstanding the conclusion of a program with the International Monetary Fund (IMF), which is lagging behind to be recorded “.
Speaking from Washington via a video conference organized by the institution on the occasion of launching its report on Africa’s economic prospects, Zeufack said that “the road is full of pitfalls, but it is necessary to huge efforts in reforms to maintain this growth “, which the rate is estimated at about 4% in 2018 according to the government, against less than 2% in 2017.
With a debt of about 120% of its gross domestic product (GDP), the Congo has been experiencing a crisis since 2014 due to the drop in the price of a barrel of oil.
In a message on August 14, 2018, President Denis Sassou Nguesso declared that his country “is far from bankruptcy,” hoping to “reach an agreement” with the International Monetary Fund (IMF). Which agreement should contribute “significantly to improve” the situation of its public finances.
“We are negotiating with the IMF in trust and strict compliance with procedures,” he said.