Representatives of nine industrialised nations and leading international financial organisations met in Brussels on Wednesday (28 November) to discuss an aid programme to restore the battered economy of the central African state of Zaire.
Representatives of nine industrialised nations and leading international financial organisations met in Brussels on Wednesday (28 November) to discuss an aid programme to restore the battered economy of the central African state of Zaire. Belgium was Zaire's colonial master until independence in 1960.
SYNOPSIS: The talks were held in the Egmont Palace. The conference was the third of its kind to be chaired by Belgium and during the two days of negotiations, the participants aimed at fixing the amount of money donor counties might be willing to pay to help Zaire's balance of payments problem. The Zairean government was represented by Foreign Minister, Nuguza Karl-I-Bond, and delegates from Belgium, the United States, Britain, France, Italy, Japan, the Netherlands, Canada, West Germany, the European Common Market, the International Monetary Fund (IMF) and the World Bank attended the talks. Iran has dropped out of the group since the last. conference.
Morocco, Luxembourg and Greece were present at the negotiations as observers. The Zairean economy has suffered from the ill-effects of president Mobutu Sese Seko's programme of national recovery known as "Zireanisation" and from the fall in the world price of copper -- the country's major export. In August, the IMF granted Zaire one hundred and fifty million (U.S.) dollars standby credit on condition the country adopted tough austerity measures, a wage freeze and a credit squeeze. Zaire's external debts are estimated at four point six billion (U.S.) dollars and Mr. Karl-I-Bond told delegates his government had an unyielding political will to bring the country out of the present crisis.