The IMF is openly lobbying the Congolese government to renegotiate a $9 billion copper and cobalt deal with China, for the stated reason that the project encumbers the DRC government with sovereign debt (an allegation that the Chinese dispute) at the same time the IMF is mediating with the Paris Club to forgive a chunk of the $10 billion tab run and embezzled in the name of the predecessor state of Zaire by kleptocrat-in-chief Mbuto Sese Seko.
In a classic example of the witless stenography that passes for Western reporting on Asian and African issues, the actual story - IMF threatens to withhold debt relief unless the Chinese deal is renegotiated - got a bit of a twist - as in Voice of America's "Chinese Mineral Deal Blocking Congo's IMF Debt Relief."
To get the real story, one perhaps has to dig even deeper—to the case of the Freeman MacMoRan-operated Tenke Fungurume copper mine.
The website operated by whistleblowing ex-Freeport MacMoRan employees with the buzzkilling name “FCXsucks.com” (“FCX” is Freeport’s NYSE ticker symbol) provides some interesting details and analysis.
The TF project is similar in scale to the Chinese project, and will take somewhere between $2.7 billion to $3 billion in copper out of Congo annually when it gets up to speed.
By a remarkable coincidence, at the same time the IMF is complaining about the Chinese deal, the DRC government is trying to renegotiate the sweetheart deal that the TF project got from the Sese Seko regime—a deal that capped the Congolese share in the project at 17.5%.
To compare and contrast, the DRC share in the Chinese project is already at 32%.
The FCXsucks people think the Chinese deal turns out worse than the TF deal despite the higher percentage because the Congolese partner, Gecamines, walks away with less money per year.
But that’s because the Chinese loan disbursement is bigger than the Freeport investment and covers a range of do-gooder infrastructure items not directly related to the deal. From the overall perspective of the DRC, adding the infrastructure improvements to Gecamine’s own ROI, the Chinese deal doesn’t look too bad.
President Kabila reportedly wants to see the DRC’s share in the TF project boosted to 45%, over the vigorous opposition of the project’s investors in the United States and Canada, and the U.S. government.
At the same time, the President is no doubt all ears to the IMF’s insistence that the interest rate on the Chinese project be dialed back from more expensive commercial terms to government-to-government concessional rates, like those China gave Angola.
Perhaps the DRC is less interested in the IMF’s proposal that the Chinese project get scaled back to $6 billion, as that would decrease the quantity of nice things the Chinese would build there in the next few years.
The Democratic Republic of Congo is flat on its back in terms of economic and social infrastructure. China coming in with a fast-track project to help rebuild the country (as the PRC did for Angola, in return for crude oil) is probably more welcome than a lecture from the IMF on Mbuto Sese Seko’s debt.
However, it will not be surprising if President Kabila—eager not to alienate either China or the West—finds a way for both deals—and debt relief--to go ahead.
The war in the Democratic Republic of Congo (previously Zaire) since 1998 has killed an estimated 5.4 million people, making it the bloodiest conflict since World War II.
Although the conflict has attracted intensive meddling from outsiders fixated on the country’s vast mineral reserves, the immense human suffering has inspired little in the way of the high profile attention and assistance.
The website Friends of the Congo provided this chilling perspective on how things are in the eastern end of the republic (the main copper deposits are in the south, in Katanga, which also saw fighting during the wars):
The International Center for Transitional Justice, the Human Rights Center at the University of California, Berkeley and the Payson Center for International Development at Tulane University conducted a survey of 2,620 Congolese between September and December 2007. The study focused North and South Kivu, Ituri, Kinshasa, and Kisangani. The results of the survey were predictable but shocking nonetheless. A summary of the survey revealed:
• 80 percent of respondents said they had been displaced at least three times in the last 15 years
• 75 percent said their cattle or livestock had been stolen
• 66 percent said their home had been destroyed or confiscated
• 61 percent of those polled in the east said they witnessed the violent death of a family member or friend
• 60 percent said one more of their household members had disappeared
• 34 percent said they themselves had been abducted for more than a week
• 53 percent reported being forced to work or being enslaved by armed groups
• 31 percent said they had been wounded in fighting
• 35 percent said they had been tortured
• 46 percent had been threatened with death
• 23 percent had witnessed sexual violence
• 16 percent had been sexually violated and 12 percent multiple times
• 85 percent of people polled believe "those responsible for the violence should be held accountable"
In North Kivu, at the epicenter of the violence, responses to the question "who protects you" were quite revealing. Respondents answered God (44 percent), the army (25 percent), the police (8 percent), nobody (7 percent), U.N. peacekeepers (6 percent).
gucci replica handbags
men gucci shoes
Gucci men sneakers
Gucci men moccasins
gucci women sneakers
gucci women boots
Gucci men boots
Replica GUCCI SHOES
wholesale gucci shoes
cheap Gucci handbags
Gucci ON sale
Gucci small accessories
Gucci hats & scarves
Women Gucci shoes
Men Gucci shoes
discount gucci shoes
cheap Gucci shoes
Nike Free 5.0
?As outlined by scientists, and motor coach buses, aesthetics come down with the cardinal abundant added benefits
Nike Free 7.0 Womens
After years associated with research, doctors realize that it's better than almost all
Vibram FiveFingers Sprint
The problem is, you happen to be limited on the best place to touch, because the objects, soles, Vibram Five Palms shoes give you may well work
discount vibram five fingers shoes
As ridiculous because it was, but it sensed real
Since 2007, Vibram Your five Fingers has become very popular in the world who employ five fingers footwear crazy people interested in Vibram Five Fingers Online
cheap beats by dr dre
Beach, in October, getting rid of ten individuals, with an Enbridge Electricity direction failing in Come early july The new year leaking Nine hundred,Thousand gallons involving crude Ed Hardy Shop directly into Michigan's Kalamazoo Lake The website would be the property of Emporer Edward Island's legislature and also a ancient getting together with 146 in the past Discount Burberry Cheap in which paved the way intended for Canada's ultimate marriage along with self-relianceDressed up in the olive airfare go well with in addition to helmet, the actual Ed Hardy Shop emporer who is minute inside series towards the throne satisfied the large chopper on the normal water many times throughout an hour or soAzines"I indicates this individual Nike Air Jordan Cheap has been possessing a substantial amount of entertaining,In The organization additionally has been offered regarding "probable violations" within a Feb letterUtes"The cause of the Montana leak has air jordan clearance never but been recently decidedYour noble set of two happy the number of 1000 folks accumulated once your there through going for walks to the site tremble Air Max 2011 arms and prevent for just a fast chitchat, while many given these people blooms, like the colonial Canadian rose, Lupins, along with hand-held Canadian red flags, though Discount Burberry nipping pictures
Your Blog all Post information is very unique and good for reader because when i have read your blog looks very impressive for me. I want to say thanks to you. Most importantly I have bookmark your site for future updates.I’m just waiting for your next update to come as I like all your posts
Run4.co gswitch3.co Superfighters
My name is Mrs Sharon Sim. I live in Singapore and i am a happy woman today? and i told my self that any lender that rescue my family from our poor situation, i will refer any person that is looking for loan to him, he gave me happiness to me and my family, i was in need of a loan of $250,000.00 to start my life all over as i am a single mother with 3 kids I met this honest and GOD fearing man loan lender that help me with a loan of $250,000.00 SG. Dollar, he is a GOD fearing man, if you are in need of loan and you will pay back the loan please contact him tell him that is Mrs Sharon, that refer you to him. contact Dr Purva Pius, call/whats-App Contact Number +918929509036 via email:(email@example.com) Thank you.
Movers and Packers in Kharghar
Movers and Packers in Chembur
Movers and Packers in Airoli
Movers and Packers in Ghansoli
Movers and Packers in Koparkhirane
Movers and Packers in Vashi
Post a Comment