East-West Debt : D.R. of Congo


Indicative quotes on the secondary market country quote *** Albania 30% Angola 40% Argentina 28% Bangladesh 70% Belarus 19% Bosnia 40% Brazil 40% Egypt 49% Gabon 20% Kenya 24% Cambodia 12% Cameroon 10% Congo-Br 11% Cuba 3% DR Congo 7% Ecuador 34% Ehtiopia 5% Eq. Guinea 65% Guinea Conakry 12% Indonesia 16% Iran 22% Iraq 17% Iran 15% Ivory Coast 19% Kazachstan 18% Laos 8% Mali 20% Moldova 17% Syria East-Eur 6% Mozambique 11% Nauru 3% Nicaragua 2% Nigeria 37% Peru 37% Russia 35% Saudi Arabia 34% Serbia 49% Sierra Leone 4% Sudan 3% Syria East-Eur 3% Syria West-Eur 7% Tanzania 10% Turkey 36% Turkmenistan 18% Ukraine 19% Vietnam 41% Zambia 15%

 

Emerging Markets

DEMOCRATIC REPUBLIC OF CONGO



 

 

Established as a Belgian colony in 1908, the Republic of the Congo gained its independence in 1960, but its early years were marred by political and social instability. Col. Joseph MOBUTU seized power and declared himself president in a November 1965 coup. He subsequently changed his name - to MOBUTU Sese Seko - as well as that of the country - to Zaire. MOBUTU retained his position for 32 years through several subsequent sham elections as well as through the use of brutal force. Ethnic strife and civil war, touched off by a massive inflow of refugees in 1994 from fighting in Rwanda and Burundi, led in May 1997 to the toppling of the MOBUTU regime by a rebellion led by Laurent KABILA. He renamed the country the Democratic Republic of the Congo (DROC), but in August 1998 his regime was itself challenged by an insurrection backed by Rwanda and Uganda. Troops from Zimbabwe, Angola, Namibia, Chad, and Sudan intervened to support the Kinshasa regime. A cease-fire was signed in July 1999 by the DROC, Zimbabwe, Angola, Uganda, Namibia, Rwanda, and Congolese armed rebel groups, but sporadic fighting continued. Laurent KABILA was assassinated in January 2001 and his son Joseph KABILA was named head of state. In October 2002, the new president was successful in negotiating the withdrawal of Rwandan forces occupying eastern Congo; two months later, the Pretoria Accord was signed by all remaining warring parties to end the fighting and establish a government of national unity. A transitional government was set up in July 2003; Joseph KABILA remains as president and is joined by four vice presidents representing the former government, former rebel groups, and the political opposition. The transitional government plans to hold a series of elections in 2006 to determine the presidency and National Assembly seats.

GOVERNMENT
chief of state: President Joseph KABILA (since 26 January 2001); note - following the assassination of his father, Laurent Desire KABILA, on 16 January 2001, Joseph KABILA succeeded to the presidency; the president is both the chief of state and head of government head of government: President Joseph KABILA (since 26 January 2001); note - following the assassination of his father, Laurent Desire KABILA, on 16 January 2001, Joseph KABILA succeeded to the presidency; the president is both the chief of state and head of government cabinet: National Executive Council, appointed by the president elections: prior to the overthrow of MOBUTU Sese Seko, the president was elected by popular vote for a seven-year term; election last held 29 July 1984 (next was scheduled to be held in May 1997); formerly, there was also a prime minister who was elected by the High Council of the Republic; note - a Transitional Government is finalizing a new constitution with free elections scheduled to be held in early 2006 election results: MOBUTU Sese Seko Kuku Ngbendu wa Za Banga reelected president in 1984 without opposition note: Joseph KABILA succeeded his father, Laurent Desire KABILA, following the latter's assassination in January 2001, negotiations with rebel leaders led to the establishment of a transitional government in July 2003 with free elections scheduled to be held in early 2006

ECONOMY
The economy of the Democratic Republic of the Congo - a nation endowed with vast potential wealth - has declined drastically since the mid-1980s. The war, which began in August 1998, dramatically reduced national output and government revenue, increased external debt, and resulted in the deaths of perhaps 3.5 million people from war, famine, and disease. Foreign businesses curtailed operations due to uncertainty about the outcome of the conflict, lack of infrastructure, and the difficult operating environment. Conditions improved in late 2002 with the withdrawal of a large portion of the invading foreign troops. The transitional government has reopened relations with international financial institutions and international donors, with President KABILA implementing reforms. Much economic activity lies outside the GDP data. Economic stability improved in 2003-05, although an uncertain legal framework, corruption, and a lack of openness in government policy continues to hamper growth. In 2005, renewed activity in the mining sector, the source of most exports, boosted Kinshasa's fiscal position and GDP growth. Business and economic prospects are expected to improve once a new government is installed after elections.