Contacts: Marco Mantovanelli (202) 458 75 71 mmantovanelli@worldbank.org Carl Hanlon (202) 473 80 87 Chanlon@worldbank.org WASHINGTON, February 25, 2006 —The Board of Executive Directors and management of the World Bank Group has reached consensus on an approach to interim debt relief for the Republic of Congo designed to improve financial transparency and accountability, and serve the interests of the poor. The agreement in principle that was reached yesterday, subject to approval by the International Monetary Fund (IMF) Board, includes triggers and conditions for ensuring sustained momentum for reforms that have been committed to by the Government of the Republic of Congo. In order to reach the HIPC completion point—when debt relief becomes irrevocable—the Republic of Congo must demonstrate sustained performance on good governance, transparent public finance and oil revenues management. Yesterday’s agreement stated that the internal controls and accounting system for oil revenues must be in line with international standards and best practices based on successive annual audit opinions by an independent firm of international reputation and certified by the national anti-corruption commission. The Board recognized and welcomed the on-going financial and structural reforms by the Government of the Republic of Congo and strongly encourages the Government to accelerate and deepen their implementation. ### For more information on the HIPC initiative visit:
http://www.worldbank.org/debt For more information on the World Bank’s work in Sub-Saharan Africa visit: http://www.worldbank.org/afr For more information about World Bank’s activities in Congo visit:
http://www.worldbank.org/congo |
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