Thursday, July 1, 2010

World bank cancels Liberia's 4.6 billion dollar debt....

One of the greatest achievement of the Sirleaf Administration came yesterday when the World bank agreed to cancel Liberia's 4.6 billion dollar external debt.
Noting that the country "has successfully implemented its poverty reduction strategy and maintained a stable macroeconomic environment, despite the global economic crisis.

The debt relief is expected to free up resources for Liberia to rebuild its social services following years of civil war.

"Liberia can now mobilize additional resources to rebuild the road network and the electricity supply system, providing the infrastructure needed to allow economic growth, while continuing to expand the health care and education systems," IMF mission chief for Liberia Chris Lane said in announcing the decision. "Liberia will also be able to further develop its own financial market and channel private savings to productive uses."

Liberia becomes the 29th country to reach the completion point under the HIPC Initiative. The completion point marks the end of the HIPC process, which started in 2008 when the Executive Boards of the IMF and the World Bank agreed that Liberia had met requirements for reaching the decision point, when countries start receiving debt relief on an interim basis.
Tuesday's announcement will reduce Liberia's debt by 90 percent, according to the IMF, relieving 4.6 of the 4.9 billion dollars the country owes.

We applaud the President and her team in Monrovia, for doing a great job, The granting of debt relief marks a significant milestone in our Country's path toward recovery, it would not have happen without the leadership of the President.