IMF approves $1.5 billion loan program for Democratic Republic of Congo

WASHINGTON (Reuters) - The International Monetary Fund said its executive board on Thursday approved a new three-year, $1.52 billion extended credit facility program for Democratic Republic of Congo to support the African country's economic reforms and pandemic recovery.

The IMF said in a statement that the loan approval clears the way for immediate disbursement of $216.9 million to Congo to reinforce international reserves. The ECF follows emergency COVID-19 support to Congo under the IMF's Rapid Credit Facility totaling $731.7 million.

(Reporting by David Lawder; Editing by Leslie Adler)