Wednesday, February 14, 2007

Congratulations, Liberia!

On the Voice of America-Africa's radio newscast this morning, they reported that Condi Rice and the State Department have promised cancellation of US$391 million in loans to Liberia- that's all of Liberia's debt with the government of the United States.

Liberia's total debt is around US$3.5 billion, and its total annual budget is around 1/40 that amount. In order to pay what debtors expect it to (around US$80-$100 million per year). Liberia's entire annual budget would go to its debtors.

The US government share of that represents 30% of the debt, so this is a very positive step.

There's a good fact sheet about Liberia's debt here.
And a SIPA classmate in Liberia runs this very interesting Libera blog.

1 comment:

mimi and flo said...

Condi Rice is doing something good!? This is great! To what do you attribute this? Bono?