Wednesday, October 10, 2007

Call to Write the IMF on the Liberia Debt Issue

Center for Global Development is at it again, sticking up for Liberia in Washington:

And what of the foreign debt? Most was borrowed by Samuel Doe in the early 1980s, and has not been paid since 1984. With penalty interest, Liberians today are stuck with the bill: $4.5 billion, equivalent to a massive 3,000 percent of exports, the highest ratio in the world. The major creditors all have pledged to forgive Liberia’s debts, but the process is stuck at the IMF, where the Board has been debating for a full year how to share the costs of the write-off. A solution seems at hand, but it isn’t done yet, and meanwhile Liberia must wait (if you feel so moved, write this week to the Managing Director of the IMF (email and ask for fast action to resolve Liberia’s debt crisis).

Thanks Sarah and Paul for the link.


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