World Bank set to gift DRC billions as reward for good behaviour

World

World Bank set to gift DRC billions as reward for good behaviour

End of power struggle may unlock R42bn of desperately needed funds for Democratic Republic of the Congo

Michael J. Kavanagh

The World Bank may provide as much as $3bn (R42bn) to the Democratic Republic of the Congo as the country emerges from a power struggle in which supporters of President Felix Tshisekedi took control of the government from allies of his predecessor, Joseph Kabila.

Disbursement of the previously discussed financing over the next 18 months would boost the new government’s effort to confront multiple economic and social crises caused by the Covid-19 pandemic and ongoing conflict in eastern Congo.

The Washington-based lender has withheld approval for the funds as it waits for the government to implement agreed-upon changes to its handling of public finances, deregulation, governance and reforms of state-owned companies, World Bank country director Jean-Christophe Carret said...

This article is free to read if you register or sign in.

Sunday Times Daily

If you have already registered or subscribed, please sign in to continue.

Questions or problems?
Email helpdesk@timeslive.co.za or call 0860 52 52 00.

Next Article