March 18, 2010 / 1:36 PM / 7 years ago

FACTBOX-Congo seeking cancellation of foreign debt

 March 18 (Reuters) - Democratic Republic of Congo hopes to
have 90 percent of its debt cancelled in June after reaching the
completion point in the World Bank and IMF's Highly Indebted
Poor Countries (HIPC) programme.
 The World Bank and IMF are scheduled to report on Congo's
progress in the coming days.
 Below is a breakdown of Congo's external debt burden, which
comprises about 90 percent of its total debt. Internal debt,
which includes unpaid salaries, will not be cancelled under the
HIPC scheme.
 EXTERNAL DEBT STOCK
 Congo has four main groups of creditors:
 * Multilateral institutions such as the IMF, African
Development Bank and the Arab Bank for the Economic Development
of Africa
 * Western governments of the Paris Club, which forgave $1.3
billion of the $6.8 billion owed it in February and rescheduled
a further $1.6 billion
 * Western commercial banks of the London Club
 * Other private and banking creditors of the Kinshasa Club,
including the Bank of India and Kuwait Fund, who agree to
forfeit 75 percent of their debt in return for negotiated
repayment schedules.
 
 CREDITORS                                 2009*        2008
 MULTILATERAL INSTITUTIONS............$4.95 bln    $4.23 bln
    (IMF..............................$1.58 bln    $0.73 bln)
    (OTHERS...........................$3.37 bln    $3.50 bln)
 PARIS CLUB...........................$5.40 bln    $5.97 bln
 LONDON CLUB..........................$0.04 bln    $0.04 bln
 KINSHASA CLUB........................$0.61 bln    $0.54 bln
 TOTAL...............................$11.00 bln   $10.79 bln
 * End-2009 figures adjusted for Feb 2010 Paris Club deal
 
 
 EXTERNAL DEBT SERVICE
 In 2009, Congo paid less than half of the debt service
payments it owed.
 CREDITORS                                  OWED         PAID
 MULTILATERAL INSTITUTIONS              $250 mln    $186 mln
    (IMF..............................  $157 mln    $134 mln)
    (OTHERS.............................$ 93 mln    $ 52 mln)
 PARIS CLUB.............................$126 mln    $  0 mln
 LONDON CLUB............................$100,000    $  0 mln
 KINSHASA CLUB..........................$ 63 mln    $ 15 mln
 TOTAL............................... ..$439 mln    $201 mln
 
 Sources: Office for the management of debt (DGDEP); Ministry
of Budget
 (Reporting by Katrina Manson; editing by Toby Chopra)


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