DRC was the 27th country to meet the requirements of the so-called heavily indebted poor countries (HIPC) initiative, the Bank and International Monetary Fund said in a statement.
"Debt relief under the enhanced HIPC initiative from all of the DRC's creditors will amount to approximately $10-billion in nominal terms over time," they said.
The World Bank's International Development Association, which provides funds to the poorest countries, would provide about $1,03-billion in debt relief and the IMF another $472-million.
"The authorities' implementation of their economic program to date, under difficult circumstances, has been broadly satisfactory," IMF managing director Horst Koehler said in a statement.
This progress enabled it to meet the qualifications for the debt relief program, he said after an IMF board discussion on the matter, which was held July 23.
"Executive directors of the World Bank also warned of the high risks for the country going forward," said Emmanuel Mbi, the Bank's country director for DRC.
The directors "urged determined action by the authorities and concerted support from the international community to ensure that economic recovery attains a stronger foothold," Mbi said.
For the first time in 13 years, the economy in DRC grew in 2002, instead of contracting. Inflation fell to 16% at the end of 2002 from 135% a year before. – Sapa-AFP.
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