Last week, the International Monetary Fund announced that it will rubbing Congolese mines in a lot of money. A 195.5 Million USD injection into the DRC will stabilize resource prices (read: coltan, copper, and all other well-regulated, rights respecting labour markets) from the global financial crisis and increased fighting in the east. The IMF will fight weakening export revenue and falling commodity prices. Bloomerg reminds us how important these measures are urgent given that:
Several mining projects in Congo, which holds a third of the world’s cobalt reserves and 4 percent of all copper, have been scaled down or put on hold, curbing economic growth.
The Extractive Mining Lesson of the Day: To stabilize the Democratic Republic of Congo, secure markets, and regulate extraction, throw lots of money at rebel-run mines that abuse workers and illegally export resources to exploitative partners.
(Photo complements of James Nachtwey‘s Can Change Come to the Congo)