Wednesday, March 11, 2009

The Global Economic Downturn "Catastrophic" for the DRC

From Reuters:
DEMOCRATIC REPUBLIC OF CONGO - The collapse in commodity prices has been catastrophic for Congo, still trying to recover from years of war. High metals prices brought a scramble for mining concessions in recent years, including many smaller firms, but now only the biggest miners in Congo are well placed to weather the troubles. Congo has almost no foreign reserves to help withstand the impact -- they fell to just $36 million in early February. Its franc has lost well over 20 percent of its value since late last year, and the country is seeking more than $420 million in grants and loans from international donors to help shore up its finances.

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