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HOW MOBUTU INCURRED ODIOUS DEBT FOR CONGO

To achieve selfish aims, leadership in Africa has mortgaged the future of the continent. The case of Mobutu Sese Seko still lives sour taste in the mouth.
Mobutu in his hay days got presidential treatments at the White House. As a friend of the US, he had access to crippling loans that the Democratic Republic of Congo (DRC) then Zaire, still suffers from.
The loans were given despite the glaring fact that the heartless dictator converted them to private assets.

Mobutu Sese Seko
In 1987, the United States forced the hand of the International Monetary Fund (IMF) to give Mobutu
millions of Dollars under the pretense that the fund will be invested in development programmes. The ruthless dictator stole and stashed the funds in European and American banks. This happened even after he defaulted on the payment of interest on an initial 9 billion Dollar debt.
In 1989 through the support of the US, he got 187 million Dollars in fresh lending from the IMF. The World Bank gave him 87 million Dollars more. He was favoured with these loans for supporting the policies of the US and its allies in Africa during the Cold War.

After the fall of the Soviet Union, which brought to an end the Cold war, America had no use of Mobutu anymore, then, the plot against him started.
US development assistance was terminated in June 1991, the IMF issued an official declaration of non-cooperation in February 1992, making Zaire ineligible for further borrowing.
An insurrection was sponsored, leading to his ouster in 1997 when he fled Zaire and died after 4 months in exile. The war that preceded his ouster cost more than a million lives in what has been described as “Africa’s World War”.

The war affected the country’s neigbours, causing instability in the horn of Africa. Such conflicts lead to underdevelopment as presently seen in the states of Africa.
Mobutu left behind a foreign debt of 14 billion Dollars. The DRC is still paying for the odious debt inflicted on it by the conspiracy of the big powers and their African collaborators.

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