Republic of Congo´s oil-backed debt could balloon beyond IMF estimates, Global Witness reveals
(WorldNews Europe)

Republic of Congo`s public debt could exceed $12.5 billion, adding over a third to estimates released by the IMF in July 2019 when it awarded the country its fourth multi-million dollar bailout, Global Witness reveals today. Congo`s largest state-owned enterprise, its national oil company Société Nationale des Pétroles du Congo (SNPC), is carrying at least $2.7 billion in previously undisclosed liabilities to oil majors, including Total, Chevron and Eni, our analysis of its audited accounts shows. This represents a 50 per cent increase since 2010. A further $606 million is owed to a consortium of banks led by the pan-African conglomerate Ecobank, secured against oil. SNPC`s accounts and a...