Republic of the Congo member of Organization of the Petroleum Exporting Countries
Economic reform efforts continued with the support of international organizations, including the World Bank and the International Monetary Fund. The reform program came to a halt in June 1997 when civil war erupted. When Sassou Nguesso returned to power in October 1997, he publicly expressed interest in moving forward on economic reforms and privatization and in renewing cooperation with international financial institutions. Economic progress was "badly hurt" by slumping oil prices and the resumption of armed conflict in December 1998, which "worsened" the republic's budget deficit.
The administration presides over an "uneasy internal peace" and faces "difficult" economic problems of stimulating recovery and reducing poverty, with record-high oil prices since 2003. Natural gas and diamonds are other exports, while Congo was excluded from the Kimberley Process in 2004 amid allegations that most of its diamond exports were, in fact, being smuggled out of the neighboring Democratic Republic of the Congo; it was re-admitted to the group in 2007.The Republic of the Congo has untapped base metal, gold, iron, and phosphate deposits. It is a member of the Organization for the Harmonization of Business Law in Africa (OHADA). The Congolese government signed an agreement in 2009 to lease 200,000 hectares of land to South African farmers to reduce its dependence on imports.The GDP of the Republic of the Congo grew by 6% in 2014 and is expected to have grown by 7.5% in 2015.In 2018, the Republic of the Congo joined the Organization of Petroleum Exporting Countries.Congo–Ocean Railway was built by forced laborers during the 1930s. Some colonial architectural heritage is preserved. Restoration of architectural works is underway in Brazzaville, for example, at the Basilica of Sainte-Anne du Congo, which was completed in 2011.
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