or to new york hedge funds. because there they are capable of making this land profitable now that is a. few minutes for the farmers who work locally. to process i think for a country to make the best use of those resources that it has in abundance and to. given the limits of its own domestic market of course to export those resources in order to generate wealth and that's a strategy that a number of not just african countries but countries in throughout the world have done very well by. so i wouldn't look at it in the narrow perspective of just been able to reimburse death debt but in fact as a way of generating wealth and generating opportunities for growth and through

growth progress on poverty reduction everywhere where the i.m.f. imposes structural adjustment involving the extension of land devoted for export led agriculture the greater the number of people going hungry. only twenty percent of africa's population has access to drinking water and contrary to widely held belief there is no lack of water in sub-saharan africa however the policies put in place by the i.m.f. in the aftermath of structural adjustment plans have only aggravated the difficulties people experience in accessing water sources. access to drinking water in this village is an acute problem and it is because of these structural adjustment programs because the state has considerably reduced its budget for the water sector. and has not provided the economic and financial

resources to create or improve existing water sources use them. and the situation is drastic when it comes to what i feel my bucket of water because there is no point to hope for running water which you have only a few hours during the night not every night and sometimes you can go for five or six days without any running water at all so everyone looks for a place where there are wells those who can go to the us go to the river and make do with that. the reason that the heavily indebted poor country initiative was. thought to be desirable was in fact by me the international community was that it was very clear that the. poor countries were drowning under the amount of debt.

and so every year they would borrow money and they would use that same amount of money to pay back old debts and the net result was that it was really nothing remaining in the middle. names wolf and so on played a very significant historical role did you by launching the heavily indebted poor countries initiative. and by making the governments of the o.e.c.d. countries understand and admit that it wasn't possible to continue to perpetually refinance african debt even with subsidies which in fact is a mountain to gradually stopping it but within a system that kept african countries in a situation of political financial dependence which was politically economically and culturally highly damaging for everyone on the a multinational. we have put in place another process of reform which this time

instead of stunting growth which has often been the case with structural adjustment programs encourages growth we began by preparing a strategy document to reduce poverty which emphasizes social aspects this is not necessarily the case with structural adjustment programs it is a range of reforms that takes into account social aspects which largely seem beyond structural adjustment programs. but i will not tell you about the details and about how difficult it was to set up something that was completely new at the time. that the results in the countries that have already benefited from this debt relief have been positive we have seen that these resources have been reassigned in large part to human development activities. the board is wiped clean. no alas no if you look at what in two

thousand that is to say just after the introduction of this new policy of wiping out that movie and two years of adjustments and then in two thousand and six. after all this here is after some cancellation measures you notice that the debt for the poorest was reduced by one point four percent so i see who were making fun of. an example of how developing countries economies were courts going to advice like scenario where on the one we are told that our debt will be reduced so that we won't have to get into debt again and on the other hand we have no money in our accounts so we should make do with a little money we have i don't give a damn about the conditions for cancelling the debt when they say we will cancel the debt you will now have health care and education but how will we have it when

in order to cancel the debt they make you a forest code a mining code in an investment which no longer allow you to be sovereign in your national resources we see this how much plundering of mineral resources goes on forests environmental destruction the very confiscation of some public companies confiscation i say so how will the government have money to take care of social affairs even if we cancel the debt so it's really a masquerade when they talk about reducing poverty the world bank program that the debt forgiveness programs of the world bank and the i.m.f. promote these days and the u.s. government and the others are shams for the most part because they're telling these countries and the african nations particularly recently have suffered under this that ok we'll forgive your debts but you have to accept these conditionality. yes you know you have to open your doors totally to privatisation by our corporations

you have to sell off all your assets to our corporations your utility companies your water and sewerage system companies your telephone companies your schools your jails are going to sell all that off to our corporations sick and it is this if you amputate a person's limbs that's how explain it they cut off one of your limbs here one there and then they say to you you are free but you are free sir so we fought against poverty but when you asked the question but how am i going to eat if i have no arms how am i going to walk much of it they say to us no no we will come with a spoon and we will feed you is that what you call freedom. the so-called heavily indebted poor countries initiative allows states that have respected i.m.f. recommendations to obtain a cancellation of a share of that debt. which logically should give them a boost in terms of budgets. and reality though he only makes it possible for a new financial actors to step into the breach and make great just speculations

which would be nicknamed vulture funds. for that you need to the process of vulture funds is quite straightforward in fact your investment fund you buy it tends to a hundredth of the value of a debt contracted ten years ago it is now twenty years old and everyone thinks that it will never be reimbursed he go before the court and demand the full reimbursement of the debt in addition to interest and areas this means that you have a grotesque situations where for example kensington a fund based in the cayman islands coincidentally two million of deaths from congo brazzaville and afterwards went to demand one hundred twenty million before the courts in other words sixty times the national some what it of course do they said your rights to credit to is always right it is the contract that wins out over the

constraints that the country in question makes period. we have been victims of vulture funds we have been by vulture phones and we have almost lost our dignity as a sovereign country because of these vulture funds these funds have made it possible to capture the oil cargos destined for export on the high seas these vulture funds have hunted down. i'm going to tell you a story that is my predecessor arrived in washington for the annual assemblies of the i.m.f. and the world bank there he saw a man bring him an arrest warrant which would send him to prison in the united states. my predecessor had officially come to take part in these general assemblies . but this man had come in the name of the vulture funds it was a nightmare for us we knocked on all the most important doors of the world to ask

for help to solve this problem so overwhelming it was for us it didn't happen we took things in hand we sat down with these people and we talked today we are rid of these people but it's true it hurts but if i had one piece of advice to give even if i am badly placed to give advice that every country should avoid anything to do with these people especially control its debt so that it doesn't find itself on the second markets by the vulture funds which make money on the backs of so-called weak states. but the paradox is also that thanks to the. discovery to congo brazzaville particular. secret. but i think the issue of buying and selling dead is. in market.

because as oppose to for example. dead mean worth nothing sometimes that can be traded at a discounted rate and that is acceptable commercial practice what we don't want is to have speculation that artificially inflates the value of the debt is a chemical to cut that creates a lot of problems. in many difficulties and do we have to think about limiting the use of this instruments for highly indebted countries. i was thinking somehow i had to come back because mom was waiting for me. i just knew that everything would be fine for some reason we were so confident because we were going to get married officially after he came back how could he not come back because the mere thought of it never crossed my mind.

when the militants decided to try and break through and i heard you again yap of screaming grenade. the explosion blew him all round his back toward. and it was all over all of us and we know that our comrades and our commander won't leave us no matter how tough it gets we're a team. there who are getting was a senior in his military trio. he knew that if he didn't smother that grenade with his body more of his comrades would die he gave his own life to save us friends. for his problem was the most complex and difficult human activity.

that. all of us are still locked up. in the phenomenon of friendly fire probably extends back to the invention of gunpowder. to kill a bunch of people you know don't know if they're up their families they're really us people. reading. this some of the shoots my brother in the leg not intentional because of it because it was night times four in the morning even the best even the mesh shoulders. are going to make mistakes does this whole idea of brotherhood an author and an end camaraderie in this sense it was in this context that has absolutely no place.

well know polder my language as well but i will only react to situations i have read the reports of. the players in the know i will leave them to the state department to comment on your latter point to say it's secure yet a car is on the docket. no more weasel words.

when you know they had a direct question me prepared for a chase when you throw a punch be ready for a battle freedom of speech and a little down to freedom to cast. the multi-state finds itself in an untenable situation since the adoption of a new mining code imposed by the world bank the country which before all its wealth is no longer but a minority shareholder. and is a perfect example of an organized hold up on the country's gold.

despite months of secret negotiations with still forbidding to access this site. serious presumptions weigh on this mind which contaminated the region with cyanide and used in the treatment of precious metals. nobody dares talk of it without their faces covered for fear of losing their job. a somali i can't talk about it. concerns us the workers in the mine and the locals is that we haven't learned anything for ten years and if we don't live here there's nothing to drink here there's no drinking water these little boxes which you see surrounding us. so this is where the work of the mine live in these boxes here you see. where does the money from the mine go i don't know. i really don't know they're a big caymans within the government although we are all of the west gives them goes

into their pockets. the mayor of an employee of a mining exploitation company does not allow us to film in his village despite minutes. authorization. we have no luck at the neighboring mine some villages brave the taboos confessing to us that women regularly suffer a miscarriage is here and that the contaminated water from the ground supply is surely responsible for all of the evils and the dust causes serious respiratory problems especially for children.

today we speak about the plundering of resources in congo because the world bank in its h i p c program initiated different reforms especially the forest code in the mining code permits for mining exploitation were granted the world bank was their experts to help congo and in all of these authorizations from mining exploitation almost all the authorizations have to be reviewed because there was a systematic pillaging of resources in the world bank watch don we were told that the world bank was a development bank wrong it's of bank of under development it has to be said it's clear. the big outside is china china has two point five trillion dollars in currency reserves and china is now present in africa latin america and in other asian countries where it offers extremely high sums for

new loans. china has committed to invest six billion euros in projects in the democratic republic of congo these are aimed at the development of road infrastructure schools hospitals as well as the revival of the mining sector. in exchange the chinese will have access to six and a half million tons of refined copper two thousand tons of cobalt and three hundred seventy two tons of gold this minerals for projects barter agreement to surprised western countries and the i.m.f. and the world bank in particular both of whom were on the verge of cancelling the democratic republic of congo's debt these two institutions have said as a precondition that the contract be reviewed downwards. even so negotiations have been extremely hard with it has to be said with being blackmailed by i.m.f. representatives presidents of european countries have told us. here cheney's

contracts we get treated well you don't give them up. to make it we're happy to say that. the government and its chinese partners very hard to take a second look at that package and have indeed improved it so that now we'll be benefiting from both debt relief and additional resources for infrastructure which it's desperately i think china understands that africa is a continent. as for many of the things that it needs particularly natural resources it has the potential of being a significant market because it's under a million people now that in twenty fifty it'll be close to two billion people today they are certainly at a stage which resembles a lot like what was practiced by france in the seventy's and its own commercial

relations with africa we will also review operations which resemble life align what could have been done china is welcome india is welcome brazil is well come friends as well you know it's a place with tremendous potential. my experience was. that until i arrived at the bank the word corruption had never been used by a president of the bank it had never been discussed at the board and the reason was as i was told by the general counsel was that unfortunately many member countries and corrupt governments and what you didn't want to do was to offend countries that were corrupt even some of the big company countries were thought to be corrupt and i. decided

that i didn't care whether any of my members were corrupt or not but that i was not going to run an institution and that was giving money. knowingly to corrupt governments deposit but i think that it is no accident that we began to speak about corruption after the fall of the soviet union before them on because at that time but we couldn't really speak about this sort of thing without risking moving to the other side i think we changed the moral stance and it's. but i can tell you it wasn't easy. and not every country even today. regards that contribution as ring constructive and by the way not every country did a. ministers anticorruption practices. there are many

countries. that use it as a competitive tool. i won't name the countries but they must be known to you. and some pretty large countries. sure she said to me but corruption here is a way of life it's in even that's how people live because you can work for the big companies of these countries take for example our customs company. when you go to our feeder you will find really old fashioned buses but the people who work there travel around in all some jeeps. you would see people who work at a feeder with all some houses these people build skyscrapers but there's something fishy going on at a feeder where do they find what they earn because they only work at

a feeder of course so are optional rules here. to sit bascom secret it seems as if the fight against corruption works for corruption only. but as soon as you reach the government with that in the head of state the prime ministers the ministers it no longer works they investigate are stopped and presidential personel richmond financing and then the richmond to friends is no longer tolerate it i could not complete and i'm claiming that this is right not only naff reka. but. in that context we. we've worked with our membership to improve the institutions that make for better governance. economic governance and in public financial

management in other areas that we work with. our membership i think we we think there's been considerable progress in in focusing. progress in. corruption in a number of countries. when we treat people as corrupt we're not there to clear their name if they are corrupt they are corrupt but the truth is that this corruption was supported by the great powers at the time of the cold war it's the same today no african leader keeps his money at home not in congo the ivory coast brazzaville. they always keep it in switzerland spain in the united states it's true too in south africa and in morocco not only in europe.

africa should seek inspiration from the example of ecuador in two thousand and seven eight this latin american country proceeded with the audit of its debts to determine the illegitimate and odious debts there is a whole series of contracts and we see it in the african case. absolutely unacceptable including from the point of view of international international law both of which are particularly rendered void. the purpose of the order it is to identify what must not be paid and it's on the basis of an order it that the government of ecuador decided to no longer pay illegitimate debt.

and i believe that if we don't want to be a martyr it's true. even by the time has come for us to take action the congolese have to understand that it doesn't have to be like this i'm sitting on a gold mine and diamonds and wood and coal. and electrical energy like being a say and despite it all we have no electricity. i am standing alongside an oil palm and despite that we import palm oil and i'm in a country where there are things leaders who have spoken out. like simon combine goo kimbo veto and loom. but the problem is that people are disengaged today but i'm not despairing.

things will change. there's a medium leave us so we leave that maybe privacy push to secure in the car your party years ago the questions that no one is asking with the guests that you

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