Few years after a huge debt waiver generosity by the international community, the country is said to be accruing an unsavory domestic and foreign debts totaling US$579.2m, Senator Isacc Nyenabo of Grand Gedeh County says.
Senator Nyenabo who made the disclosure during a regular session of the House Representatives, informed his colleagues that the stockpile of debts at the end of 2011 was US$579.2million which he said indicates 7.7% due to the increase in both domestic and external debts.
He explained that US$209.9m or 12.8% was higher than one recorded at the end of December 2011 and that the domestic debt amounted to US$288.3million or 49.8% of the total debt.
Though Senator Nyenabo who did not mention the names of the countries Liberia is indebted to, said Liberia was still entangled with huge sum of money which he believed would be settled in the future.
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The world is under the program of debt creation. Liberia, which just got out of civil war, is now racing to create as much debt as possible. Nigeria is in the same race, South Africa, the United States, and the EU are in the same race, Japan and China are in the same race, etc. This is the only way now that the world can register GDP growth at this point. There will be a time when that bubble will bust and we will have an economic crisis that will surpass any other in world history and it will affect everyone this time around.