(Bloomberg) -- The International Monetary Fund approved a $455 million loan for Republic of Congo to support the country’s economic recovery from the Covid-19 pandemic and a tumble in oil prices.

The IMF executive board approved the package under a new three-year Extended Credit Facility arrangement, the lender said in a statement Friday. The decision will enable an immediate disbursement equivalent to about $90 million.

“Reducing debt vulnerabilities while implementing fiscal policy that supports a strong and equitable economic recovery will be key,” the fund said.

Congo needs to advance wide-ranging structural reforms, including anti-corruption measures, steps to enhance transparency in the use of public resources, and energy sector reforms to improve governance and the business environment, the IMF said.

Policies adopted under the agreement over the long term will help reduce fragilities and place Congo onto a path of higher, more resilient, and inclusive growth, the IMF said. They will also contribute to the regional effort to restore and preserve external stability for the Central African Economic and Monetary Union, the fund said.

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