Congo-Brazzaville's economy should continue its recovery following a protracted recession between 2014 and 2021, with growth averaging 3.3% annually in 2023-2026. Nevertheless, the country's liquidity position remains fragile, it faces a steep amortization schedule, and its fiscal balance is still highly correlated to oil production and price volatility. Implementation risks to the ongoing IMF program persist, demonstrated by a delay to its second review and the late securing of alternative funding in 2022. We affirmed our 'CCC+/C' local and foreign currency sovereign ratings on Congo-Brazzaville and maintained the stable outlook. On Jan. 27, 2023, S&P Global Ratings affirmed its 'CCC+/C' long- and short-term foreign and local currency sovereign credit ratings on Congo-Brazzaville. The outlook is stable. The stable outlook reflects
