Information service of the Pontifical Mission Societies since 1927
Brazzaville (Fides Service) - “Vulture funds” are assaulting the resources of Congo Brazzaville. Reportedly speculative funds are buying poor countries’ foreign debts for next to nothing (ten cents per dollar) because no one expects to retrieve them, and using political pressure, corruption or legal action to cash them. In the case of Congo Brazzaville, these funds purchased credits for 150 million dollars for a mere 1.5 million dollars.
The result is that US companies no longer buy oil from the Congolese Company for the Sale of Hydrocarbons, fearing the supplies will be confiscated by legal action on the part of speculative funds.
The news was given ample space in Congolese media which denounces international speculation which threatens to impoverish further the poor people of Congo. At the same time not to be overlooked is the responsibility of local executives who failed to administer with wisdom oil profits for the benefit of the people. We must ask when and how the debt was contracted and how the loaned funds were used: for social services, or for the luxuries of some executive? (L.M.) (Agenzia Fides 17/3/2007 righe 22 parole 207)
