Paris Club Waives 97 Percent of Liberia’s Debt
April 20, 2008
The Paris Club of creditors have resolved to cancel more than 97percent of Liberia’s external debts negotiated under the Heavily Indebted Poor Countries (HIPC) initiative, according to a press statement issued on Saturday.
The Liberian government in the statement says the debt waiver demonstrates the commitment of bilateral partners in supporting post-war Liberia’s reform agenda.
The Liberian government further noted that it was a demonstration of the confidence partners have for the future prospects for poverty reduction and development of Liberia.
Liberia owes an estimated US$4.7 billion to international partners.
Source African Press Agency
It is nice that they did that, however most of Liberia’s problems seem to stem from their own government leaders being corrupt or incompetent