Republic of Congo to borrow over 1.1 bln USD from China

The Republic of Congo will borrow over 1.1 billion U.S. dollars from China to support her 2013 state budget, the country's Finance Minister Gilbert Ondongo said in a statement published on Friday by a weekly publication, La Semaine Africaine (The African Week). "Our own internal revenue for the year 2013 is expected to rise to 3,316 billion Fcfa (6.54 billion U.S. dollars) from 3,260 billion Fcfa in 2012. In addition to this internal revenue, we shall borrow loans of 605 billion Fcfa and 144 billion Fcfa," Ondongo said. "The loans will be provided by the Chinese state in accordance to the strategic partnership agreement between our two governments, " the finance minister said. He said that besides China, the Congolese government will also source for loans from the European Union, France and the United Nations systems. The Republic of Congo's 2013 state budget which is currently being examined by parliament, is expected to rise to 4,065 billion Fcfa as compared to 3,935 billion Fcfa in 2012.