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IMF halts DRC loans due to lack of mining transparency

An IMF representative said Monday the fund has halted $240 million in planned loans to the DRC for failing to publish mining contracts as requested.

The IMF has halted $240 million in planned loans to Democratic Republic of Congo for failing to publish mining contracts as requested, the IMF’s representative in Congo said on Monday.

Congolese authorities last week published a note on the 2011 sale of its stake in a mine run by ENRC but Oscar Melhado told Reuters that the information provided fell short of what was needed to complete the loan payments.

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