The approval of the current IMF program's third review in July points to improving reform momentum in Congo-Brazzaville, which should help ease liquidity by facilitating additional support from official creditors. This, alongside prospects for increased oil production volumes and a nascent recovery in the non-oil sector, should benefit the country's economy and liquidity conditions, although they remain vulnerable to possible oil price and production shocks given Congo-Brazzaville's high reliance on the oil sector. Congo-Brazzaville's timely servicing of its sole Eurobond, despite tight liquidity conditions during 2020 due to the pandemic and oil price shock, demonstrates the government's willingness to service debt since the defaults on its Eurobond in 2016 and 2017. We are raising our sovereign credit ratings on Congo-Brazzaville
