Asia Bizz: Paris Club Of International Creditors Forgives Congo’s Debt
The Paris Club of International Creditors has reportedly forgiven the debt of Congo Republic, which is worth $7.35 billion. On the other hand they have urged the Congo government to bring reforms into their economy and financial structure. This decision was taken during the creditors meeting where it was stated that all the heavily indebted poor nations should be eased out of this burden.
It was shocking when it was revealed that the Paris Club debt was almost half of the international debt which the country has taken from many countries. Congo has been struck with tremendous economic crisis, and it has been taking international debt to run the country.
The Congo government has spoken out and has thanked the Paris Club for the cancellation of the debt repayment, but it has promised that this money would be used in bringing out the country from poverty. The group also has shown concern in regards to the conditions in Congo, and has asked the government to carry out changes in fighting corruption, to create better laws and improved government standards.