Congo: World Bank agrees conditions for debt relief

The World Bank has agreed to a series of conditions needed to be met by the Republic of Congo, mainly improving transparency in oil revenue accounting, for the central African country to qualify for debt relief. The Bank said its board agreed in principle on Friday on an "approach" for Congo-Brazzaville to eventually take part in the global debt relief program for poor countries launched in 1996, known as Heavily Indebted Poor Countries Initiative (HIPC). This approach, it said in a statement, was designed to "improve financial transparency and accountability and serve the interests of the poor" and was subject to the approval of the International Monetary Fund, according to Reuters.