March 18, 2019 / 9:29 PM / a month ago

Congo Republic cuts external debt on stronger economy, repayments

BRAZZAVILE, March 18 (Reuters) - Congo Republic has slashed its external debt to 85 percent of GDP, compared with 120 percent just over a year ago, after its economy recovered from a slump and it managed to make some repayments, its monetary policy committee said on Monday.

The statement added that in 2018 Congo grew its economy 1.9 percent, rebounding from a 2 percent contraction in the prior year. Its growth was forecast slightly lower at 1.2 pct for 2019, the committee said.

Congo’s economy is recovering after it was hit hard by low crude oil prices and struggled under more than $9 billion in debt, which in 2017 forced it to default on some Eurobond coupon payments. The central African nation also had to seek a bailout from the International Monetary Fund. (Reporting by Christian Elion; Writing by Tim Cocks Editing by Phil Berlowitz )

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