IMF approves $84.4M loan to Congo

WASHINGTON, Dec. 7 (UPI) -- The International Monetary Fund Tuesday approved a $84.4 million loan to help Congo reduce poverty levels.

The loan will be available over a period of three years, and the first installment of $12.1 million will be available immediately.

The Washington-based agency lauded Congo's efforts to provide more information about its oil sector, including oil revenue collection, and its plan to boost transparency about the oil sector "could serve as a model for other oil-producing countries," the IMF's deputy managing director Takatoshi Kato said.

But despite its potential oil wealth, Congo continues to struggle with poverty and high debt, and the IMF loan will help the government implement its poverty eradication program, the IMF said.