The United States and other Paris Club official creditors have reached an accord with the Government of Liberia to forgive approximately US$ 254 million debt immediately.
According to a US State Department statement made available on Thursday, “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.”
Paris Club creditors expressed their commitment to implement debt relief that will total more than US $1.3 billion if Liberia continues to perform well under its three-year IMF programme.
“The U.S. 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,” the news statement disclosed further.
The United States already has contributed over US $211 million for the clearance of Liberia’s arrears to the IMF, the World Bank, and the African Development Bank.