Tuesday, April 18, 2006

Chad $307 mil, Chadians -8 pts

Chad moved down eight positions to rank 173 out of 177 countries last year on the U.N.'s human development index. Yep! Even though Chad's government made a relatively whopping US$307 million (about euro250 million) in exported oil between October 2003 and December 2005, they still couldn't find a way to constructively share the wealth with their own 8.8 million people.

This egregious lack of unfairness comes soon after an agreement with the World Bank, who provided 4 percent of the pipeline funding, for Chad to devote two-thirds of oil revenues to projects designed to improve living standards in one of the world's poorest countries. Chad, under President Idriss Deby, had previously won praise for the World Bank agreement.

But Deby now fears rebel forces whom his loyalists fought with on Thursday on the outskirts of N'djamena, the capital, and wants to continue spending the oil proceeds on the military and security forces instead of the poor.

An Exxon Mobil-led consortium exported 133.2 million barrels of oil from Chad between October 2003 and December 2005, according to the World Bank. Chad receives a 12.5% royalty on each barrel exported through the 1,060-kilometer (663-mile) pipeline that stretches from landlocked Chad to Cameroon's Atlantic port at Kribi.