The Democratic Republic of Congo (DRC) has experienced so far four different presidency regimes. The presidency of Joseph Kasavubu lasted 5 years and accumulated an average foreign aid of $100,560,000 per year. Data on external debt and interest payments are not available from the world bank database for the DRC from 1960 to 1965.
The presidency of Mobutu Sese Seko is the longest so far. It lasted 32 years. Started on Wednesday November 24, 1965 with a military coup, Mobutu's regime ended as it started on Saturday May 17, 1997. The external debt stayed at an average of $6,256,484,259.26 per year. Interest payments to foreign creditors were on average $224,076,451.61 per year. Foreign creditors showed also mercy. They forgave an average of $14,174,814.81 per year of the DRC's debt. The DRC received foreign aid averaging $224,076,451.61 per year. It is difficult to determine the share of foreign aid that was military aid, financial aid, and technical assistance aid. If we have to consider foreign aid as a financial inflow to the DRC, Mobutu has only paid $52,560,193.91 per year.
The presidency of Laurent Desire Kabila started on Saturday May 17, 1997 and ended abruptly on Wednesday January 17, 2001. The foreign debt portfolio was $12,468,428,600.00 on average per year during the LD Kabila's regime. However, since Mobutu left behind a debt averaging $6,256,484,259.26 per year, LD Kabila's contribution to the DRC's external debt is $6,211,944,340.74. For someone who stayed in power for less than 4 years, it is a huge burden he left behind him. It implies that the whole war against Mobutu costed billions of dollars to Congolese. From this perspective, LD Kabila bought his presidency not only with his own life, but also with billions of dollar. LD Kabila was a bad debtor. He only paid $2,199,000.00 in interests and principals. Debt forgiveness during his presidency was on average $11,650,000.00, whereas foreign aid was on average $109,267,500.00 per year.
The current president succeeded his farther. Joseph Kabange Kabila is by far the best president in terms of debt forgiveness, accumulated debt, foreign aid, and interest payments. The average foreign debt is $9,851,324,461.54 per year, but his own contribution to the debt burden is only $2,617,104,138.48 on average. He is the champion of foreign aids. It amounts to $1,870,415,384.62 on average per year. He is a good debtor. He pays on average $197,808,076.92 per year. Joseph Kabila is definitely the president that has brought the foreign debt down. Debt forgiveness is on average $1,286,101,538.46.
These figures show clearly that the worst performer of all the 3 presidents (Kasavubu, excluded) is LD Kabila whose actions impacted negatively on the country. People support or hate individuals instead of policies. A bad policy does not become a good policy simply because a president said so. LD Kabila played a zero-sum game, and lost. Loving your country does not mean ignoring bilateral and multilateral agreements. Loving your country does not mean not paying your debt.
Congolese do not look at facts. If they did they would have been able to support Joseph Kabila in a number of economic and financial issues.
These figures give a clear indication on why the international community has supported Joseph Kabila. Not only he pays his debt, but he also has contributed to the reduction of the country's debt burden. If you want be loved by the international community, you should first pay your debt, and second respect your words. LD Kabila did not. He was killed.
The presidency of Mobutu Sese Seko is the longest so far. It lasted 32 years. Started on Wednesday November 24, 1965 with a military coup, Mobutu's regime ended as it started on Saturday May 17, 1997. The external debt stayed at an average of $6,256,484,259.26 per year. Interest payments to foreign creditors were on average $224,076,451.61 per year. Foreign creditors showed also mercy. They forgave an average of $14,174,814.81 per year of the DRC's debt. The DRC received foreign aid averaging $224,076,451.61 per year. It is difficult to determine the share of foreign aid that was military aid, financial aid, and technical assistance aid. If we have to consider foreign aid as a financial inflow to the DRC, Mobutu has only paid $52,560,193.91 per year.
The presidency of Laurent Desire Kabila started on Saturday May 17, 1997 and ended abruptly on Wednesday January 17, 2001. The foreign debt portfolio was $12,468,428,600.00 on average per year during the LD Kabila's regime. However, since Mobutu left behind a debt averaging $6,256,484,259.26 per year, LD Kabila's contribution to the DRC's external debt is $6,211,944,340.74. For someone who stayed in power for less than 4 years, it is a huge burden he left behind him. It implies that the whole war against Mobutu costed billions of dollars to Congolese. From this perspective, LD Kabila bought his presidency not only with his own life, but also with billions of dollar. LD Kabila was a bad debtor. He only paid $2,199,000.00 in interests and principals. Debt forgiveness during his presidency was on average $11,650,000.00, whereas foreign aid was on average $109,267,500.00 per year.
The current president succeeded his farther. Joseph Kabange Kabila is by far the best president in terms of debt forgiveness, accumulated debt, foreign aid, and interest payments. The average foreign debt is $9,851,324,461.54 per year, but his own contribution to the debt burden is only $2,617,104,138.48 on average. He is the champion of foreign aids. It amounts to $1,870,415,384.62 on average per year. He is a good debtor. He pays on average $197,808,076.92 per year. Joseph Kabila is definitely the president that has brought the foreign debt down. Debt forgiveness is on average $1,286,101,538.46.
These figures show clearly that the worst performer of all the 3 presidents (Kasavubu, excluded) is LD Kabila whose actions impacted negatively on the country. People support or hate individuals instead of policies. A bad policy does not become a good policy simply because a president said so. LD Kabila played a zero-sum game, and lost. Loving your country does not mean ignoring bilateral and multilateral agreements. Loving your country does not mean not paying your debt.
Congolese do not look at facts. If they did they would have been able to support Joseph Kabila in a number of economic and financial issues.
These figures give a clear indication on why the international community has supported Joseph Kabila. Not only he pays his debt, but he also has contributed to the reduction of the country's debt burden. If you want be loved by the international community, you should first pay your debt, and second respect your words. LD Kabila did not. He was killed.
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