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Friday, August 21, 2009

DR Congo sees $600 mln IMF boost in days


Thu Aug 20, 2009 12:52pm EDT
(Adds details and background)

KINSHASA, Aug 20 (Reuters) - The Democratic Republic Congo expects to secure within days some $600 million of International Monetary Fund support aimed at bolstering its economy, its central bank chief told Reuters on Thursday.

The support is part of some $10 billion in Special Drawing Rights (SDRs) pledged to sub-Saharan Africa countries by IMF chief Dominique Strauss-Kahn in May as part of efforts to help the region weather the economic slowdown.

"In total Congo will receive more or less $600 million, and that will happen before the end of next week, so it's imminent," Jean-Claude Masangu told Reuters on the margins of a bankers' conference in Kinshasa.

SDRs can be exchanged for the currencies of other IMF members, thus allowing the owner access to valuable reserves.

Congo is still recovering from decades of corrupt dictatorship and a 1998-2003 war.

Demand for oil and mineral exports, which make up around 60 percent of its African country's revenues, plunged last year and its foreign currency reserves fell to almost nil in February before a previous IMF emergency injection.

Masangu said Congo expected to receive two allocations of SDRs, one worth $200 million and the other $400 million.

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