West Germany has promised continuing aid for Zaire. Zairean President, Mobutu Sese Seko met West?
West Germany has promised continuing aid for Zaire. Zairean President, Mobutu Sese Seko met West German Chancellor, Helmut Schmidt on Thursday (22 March) in Bonn and was given a personal assurance of further monetary credits.
SYNOPSIS: President Mobutu came to Bonn knowing that an economic stabilisation plan for his country was almost guaranteed. President Mobutu had initialled an agreement with the International Monetary Fund (IMF) to give the go-ahead for a one hundred and fifty million dollar standby loan. And formal agreement can be expected within weeks.
Chancellor Schmidt welcomed Zaire's agreement with the IMF and said that West Germany was prepared to join international efforts to restructure Zaire's crippled economy. Last year West Germany gave Zaire credits and grants worth sixty million marks (thirty million dollars U.S.). Zaire is vitally important to European nations like West Germany and France and the Untied States. It produces eighty percent of the world's cobalt. It is a major supplier of copper and under its present leadership is regarded as a bulwark for western nations against the spread of communism in southern Africa. While the IMF stabilisation programme is expected to go a long way to encouraging western investors and creditors, the long term security of Zaire is still a worry for the west. Following the Shaba invasion of Zaire by Angolan backed rebels last June the French, Belgians and Chinese have re-trained and re-organised Zaire's armed forces. According to the London Financial Times the future stability of Zaire depends on how quickly financial reforms can be put into operation.