IMF, World Bank reduces Liberia 4.6 billion U.S. dollars debt

08:34, June 30, 2010      

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The International Monetary Fund and the World Bank announced Tuesday that they would relieve 4.6 billion U.S. dollar of Liberia's debt.

According to a joint statement released by the Washington based sibling international financial institutions, the impoverished African nation "has successfully implemented its poverty-reduction strategy and maintained a stable macroeconomic environment, despite the global economic crisis."

"We welcome the concerted efforts made by Liberia to obtain this debt relief. This will help attract new investment and generate much needed opportunities," Chris Lane, IMF mission chief for Liberia, said in the statement.

The statement said Liberia qualified for debt relief under the Enhanced Heavily Indebted Poor Countries Initiative (HIPC), a program launched in 1996 by the IMF and World Bank with the aim of ensuring that poor countries were not saddled with an unmanageable debt burden.

"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," Lane said.

"Liberia will also be able to further develop its own financial market and channel private savings to productive uses."

Source: Xinhua


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