Britain Contributes $40m Towards Liberia’s Debts

Britain has donated 20 million Pounds as part of an international effort to clear debt arrears owed by Liberia to multilateral lenders, a government source.

The money, the source said, was repaid to the International Monetary Fund and the Africa Development bank.

It said the move is part of a drive to enable Liberia to qualify for debt relief under the Heavily Indebted Poor Countries Initiative, a program to assist the poorest and most indebted nations.

The source quoting the Teasury Department for International Development, said clearing her debt would also let Liberia access much needed new development funding to help her recover 14 years of civil war.

“The United Kingdom support will secure Liberia’s rapid entry into HIPC initiative , which we hope will support the reform efforts and provide much needed resources for poverty reduction,” International Development Secretary Douglas Alexander said.

Liberia’s international debt stands at US$4.5 billion.

Source African Press Agency

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