Liberia: U.S. Cancels Liberia's Debt, But Billions Pending

13 February 2007

Washington — Liberian President Ellen Johnson-Sirleaf gained major ground in a campaign to cancel her country's debts with the announcement Tuesday that Washington will write off some 358 million dollars in debts incurred by Liberia's previous undemocratic regimes.

Some U.S. lawmakers, non-governmental organisations and the World Bank are lining up behind calls for other major creditors to follow suit, since the country's total external debts are estimated at 3.7 billion dollars. This amounts to 3,000 percent of Liberia's annual export earnings -- among the world's highest ratios.

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