Congo - Second annual report on progress toward meeting the completion point triggers under the enhanced heavily indebted poor countries (HIPC) initiative (Anglais)

The objective of this second annual report is to assess progress made by the Republic of Congo in implementing the triggers for the floating completion point under the enhanced HIPC initiative. Such progress reports are not a standard requirement for ...  Voir la suite The objective of this second annual report is to assess progress made by the Republic of Congo in implementing the triggers for the floating completion point under the enhanced HIPC initiative. Such progress reports are not a standard requirement for HIPC debt relief, but were suggested by the International Development Association (IDA) Board in view of the complexity and comprehensiveness of the triggers for Congo. Since last year, progress has been made in implementing the triggers, although it has been slow in public investment management, procurement, and the commercialization of Congolese oil. The slow progress in these areas reflects some technical delays as well as the absence of political consensus on the way forward. Also, the authorities have not yet moved back to a Fund-supported program, the satisfactory implementation of which is a HIPC trigger. Donor assistance, though well aligned with the HIPC process, remains limited. The government continues to use its own resources to fund technical assistance in support of program implementation. This agreement led to cancellation of approximately 80 percent of Congo's estimated commercial external debt of US$2.5 billion and the rescheduling of the balance. As a result of this agreement, which safeguarded the principle of equal treatment of creditors under HIPC, Congo is in a better position to reach the 80 percent financing assurances required by the International Monetary Fund (IMF) for reaching the completion point.  Réduire