Monday, October 22, 2007

Action needed on Liberia's debts now!

Liberia's President Ellen Johnson Sirleaf, who has been in Washington this week lobbying for her country to receive debt relief.

Debt campaigners, led by Jubilee USA, have been outraged this weekend at the continuing delays in clearing Liberia's arrears at the IMF - a prerequisite for accessing debt relief through the Heavily Indebted Poor Country (HIPC) initiative. Country shareholders at the Fund need to agree a remaining funding gap of around $60 million - and they are arguing about who should foot the outstanding bill. Whilst countries blame each other, the impoverished people of Liberia continue to suffer from a huge debt burden, most of which is illegitimate debt, having been run up under the brutal regime of Samuel Doe, with no benefit to the people.

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