Friday, November 16, 2007

Debt Relief in sight for Liberia.

The IMF announced in a statement on november 14, that member states had made pledges totaling more than 842 million dollars in debt relief for Liberia, calling it a "critical step in moving Liberia onto a path toward comprehensive debt relief."US President George W. Bush welcomed this landmark debt reduction deal between the International Monetary Fund (IMF) and Liberia as a victory for his administration, his spokeswoman said Wednesday.
Liberia is recovering from 14 years of a brutal civil war that killed 270,000 people and ended in 2003 .
Since taking office as the first elected female president of Liberia following 2005 elections, Liberian President Ellen Sirleaf traveled the world pressing creditor nations to cancel the country's debts and give it a chance to rebuild from a brutal 14-year civil war that left 200,000 dead.
By clearing Liberia's debt accrued over years, the struggling country will be able to gain access to loans and other assistance from the IMF, the World Bank and the African Development Bank.