Congo, former French colony: public debt of over 9 billion blocks ministers and officials from traveling abroad, the only exception being President Nguesso

ROMA – The debt of the poorest countries among the – so-called – “developing” ones has once again become the central reason for the perpetuation and multiplication of poverty. Many studies and research say this United Nations Development Programme UNDP. In essence, it is stated and reaffirmed that the debt that weighs on the budgets of poor nations – African ones first and foremost – is done too little and what is done is done too late to avoid it.

The paradox of being poor in resource-rich countries. Studies between public debt and poverty refer to almost 20% of the world’s population and 50% of people living in extreme poverty. People who, despite living in countries rich in raw materials and abundant food, do not exceed 3% of global GDP.

In Congo, foreign missions of ministers and officials have been blocked. A clear example of all this is written in a news item released byAgency DIRE according to which there will no longer be missions abroad for ministers, managers and officials from Congo – the former French colony with Brazaville as its capital – precisely due to lack of financial resources. The only exception will be for President Denis Sassou Nguesso, who will instead be able to continue to travel and exercise his functions during missions in other countries. The news comes from Brazzaville, where the former Marxist colonel has been in power since 1979.

Oil revenues and IMF loans are no longer enough. Over time the burden of the debt has grown and neither oil revenues nor the promises of loans from the International Monetary Fund nor agreements with China on the restructuring of foreign debt are sufficient to cover plane trips and five-star hotels, which for a third remains in the hands of Beijing. The travel ban is expected to remain in force at least until the end of the year. Meanwhile, in recent days Sassou Nguesso flew to Kazan to participate in the summit of the heads of state and government of the Bricsthe alliance founded by Brazil, Russia, India and China, which was later joined by both South Africa and other countries, from the United Arab Emirates to Ethiopia.

A debt of over 9 billion dollars. According to Pascal Tsaty-Mabial, who heads the opposition party in BrazzavilleUnion pan-African for social democracy (Upads), Congo’s economy is suffocating due to a debt exceeding nine billion dollars, equivalent to at least 110 percent of the Gross Domestic Product. Recently, also in the prospect of an agreement with the monetary fundSassou-Nguesso announced the creation of “a high anti-corruption authority“. Its task would be to combat any illicit act, without sparing “neither small nor big fish”, thus also reducing waste.

The 54 countries where reducing or canceling debt means avoiding humanitarian disasters. According to recent analyses, there are 54 low-income countries that need an urgent reduction of public debt, under penalty of imminent humanitarian catastrophe, uncontrolled emigration and wars generated by different factors, especially in the sub-Saharan region, Latin America and the Caribbean. The aggravation is due to the fact that the aforementioned countries issue debt in dollars and, consequently, suffer the decisions taken by the United States.

Poverty levels are regulated by FED decisions. For example, the FED raising interest rates has an unsustainable negative effect on them. For some time now, at least 19 countries have been paying interest rates 10% higher than those of the United States Treasury bond. These bonds are in free fall with a depreciation of 40-60%. If we consider all developing economies, as many as 26, about a third, are classified as “substantial risk, extremely speculative or insolvent”. The worsening of their economic and social situation is also confirmed by another study byUNDP on the Multidimensional Poverty Index MPI. It is an index that analyzes poverty by combining the level of per capita income with the different aspects of the daily life of people in poverty: access to education and health and the standard of living such as housing, drinking water, sanitation and electricity.