DR Congo gets billions of dollars in debt relief

The Democratic Republic of Congo is in line to get billions of dollars in debt relief, World Bank officials said, cutting the amount the nation owes by more than 80 percent.

International Monetary Fund and World Bank boards released a statement Thursday supporting $12.3 billion in debt relief for the central African nation.

Congo received $11.1 billion in relief under the Heavily Indebted Poor Countries Initiative and $1.2 billion under the Multilateral Debt Relief Initiative, the organizations said in a statement.

Congo qualifies for the relief because it has made efforts to strengthen its economy and resume good governance despite years of conflict, according to the Washington-based organizations.

“Progress in each of these areas also sets a solid foundation for advancing the country’s development agenda going forward,” said Brian Ames, the nation’s mission chief for the International Monetary Fund.

Congo marked 50 years of independence on Wednesday.

The nation remains one of the world’s poorest countries despite abundant natural resources such as copper and cobalt. Conflicts, mostly over natural resources, rage on in some regions.

Violence and problems associated with it, including disease and famine, have killed at least 5 million people in the past 12 years, leaving the country grappling with a humanitarian crisis.

Source: CNN