African Development Bank Withdraws DRC Budget Support over Cancelled IMF Loan

Bloomberg reported that the African Development Bank has withdrawn its offer for budget support to the DRC after the IMF has cut the country’s funding due to shady, questionable mining practices.

As quoted in the market report:

The IMF stopped its loan program with Congo on Nov. 30 with $225 million of disbursements outstanding after the government failed to publish full details of a 2011 mining deal involving state-owned miner Gecamines and a company linked to Israeli billionaire Dan Gertler.

To view the whole Bloomberg report, click here.