French Foreign Minister Dominique de Villepin has pledged to advocate financial support and debt relief for the Republic of Congo from international donor institutions such as the World Bank, the International Monetary Fund (IMF), and the African Development Bank.
His announcement came on Tuesday at the end of a brief visit to the Congolese capital, Brazzaville, where he held talks with President Denis Sassou-Nguesso and other government officials.
According to the IMF and World Bank, Congo's debt currently stands at US $6.4 billion
In a statement issued to coincide with de Villepin's visit, Global Witness - a UK-based NGO that studies the links between the exploitation of natural resources and the funding of conflict and corruption - called on the French government to push for greater financial transparency in the oil sector of the Republic of Congo as "an essential condition for alleviating poverty, promoting just and equitable development, improving corporate social responsibility, and reducing corruption" in the resource-rich country.
The NGO said that France had a particular responsibility to help the Congo, as questionable dealings of former state oil company Elf contributed to the country's indebtedness, with servicing of oil-backed loans accounting for one-third of total government revenue.
France, the former colonial ruler of the Congo, is today its main trading partner and provider of bilateral aid.
De Villepin also took the opportunity to congratulate Sassou-Nguesso and the Congolese government on its recent efforts to bring peace and stability to neighbouring countries such as the Central African Republic and Sao Tome e Principe.
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