The board of the International Monetary Fund (IMF) has approved the distribution of a USD 212 million loan deal with the Democratic Republic of Congo in order to boost the country's foreign reserves, according to the lender.

In July, the International Monetary Fund and Congo agreed to a three-year, USD 1.52 billion extended credit line to help address finance demands related to the coronavirus outbreak.

Despite the virus's persistence, Congo's economy is predicted to increase 5.4 percent this year and 6.2 percent in 2022, according to the IMF, thanks to higher-than-expected mining production and a comeback in other sectors.

The International Monetary Fund (IMF) is a 190-country international financial agency with its headquarters in Washington, D.C. "Working to foster global monetary cooperation, secure financial stability, enable international trade, promote high employment and sustainable economic growth, and eliminate poverty around the world," it asserts.

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