IMF saving Congo

International Monetary Fund will examine debt-crippled OPEC member Congo Republic’s request for a bailout on July 6. Congo has been hit hard by low crude prices and is struggling under the weight of over $9 billion in debt, equivalent to around 110 percent of its gross domestic product. Congolese authorities are currently in talks with creditors, including trading houses Trafigura and Glencore from which it has borrowed around $2 billion.

Congo joined the (OPEC) last week as it moves ahead with new projects that could see it become sub-Saharan Africa’s third-largest oil producer with a target of 350,000 barrels per day 

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