The NEWS (Monrovia)
22 April 2008
Monrovia — The U.S. Government says it had cancelled all of Liberia's US$430 million in debt.
According to a Washington dispatch, the move came after the Paris Club of Liberia's debtors agreed last week to cancel almost a quarter of Liberia's sovereign debt to the group, with the rest suspended until 2011.
"The United States and other Paris Club official creditors reached an accord last week with the Government of Liberia to forgive approximately US$254 million in debt immediately," US State Department spokesman Sean McCormick said last Friday in a statement.
"The United States intends to go beyond the terms of the Paris Club debt relief deal and cancel 100 percent of its claims on Liberia, which total approximately US$430 million," he said.
"The US strongly supports the efforts of the Liberian people and the government of President Johnson Sirleaf to overcome years of conflict and instability and to implement reforms that are putting Liberia back on the path of growth and development," he added.
Last week, the Paris Club said Liberia's total nominal debt to group members was more than US$1.5 billion, 97 percent of which comprised overdue arrears and interest.
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