IMF Halts $532 Million Loan To DRC Due to Refusal to Disclose Mining Deal Details

Bloomberg reported that the IMF has halted a $532 million, three-year loan program  to the DRC over the government’s refusal to publish details of a 2011 mining deal.

As quoted in the market report:

The lender, based in Washington, had asked the government make public the contract for the June 2011 sale by state-owned copper miner Gecamines of its 25 percent in the Comide Sprl copper project to a British Virgin Islands company called Straker International Corp. The government only published notes on the sale, which the IMF deemed insufficient, Oscar Melhado, the IMF’s resident representative in Congo, said in a phone interview today from the capital, Kinshasa.

To view the whole Bloomberg report, click here.