The adverse economic impact of the COVID-19 outbreak, compounded by significantly lower oil prices, is putting significant short-term pressure on Congo-Brazzaville's growth and external and fiscal positions. We believe risks are partly mitigated by Congo-Brazzaville's Economic Community of Central African States membership and our expectation of a rebound in oil prices in 2021. Despite delays in completing the first review, the IMF program still provides a solid policy anchor for the country, which was implementing strong fiscal consolidation measures even before the program's approval. We are therefore revising our outlook on Congo-Brazzaville to negative from stable, and affirming our 'B-/B' ratings on the country. On April 8, 2020, S&P Global Ratings revised its outlook on Congo-Brazzaville to negative from stable.
