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Liberia Hails $1.2bn Debt Pardon by Paris Club

Liberia’s government says the decision by a group of creditor nations to write off its debt will allow the country to write a “new Liberian story”. The 19-nation Paris Club pardoned $1.2bn (£764m) worth of debt owed by the West African country. At the end of June 2007, the country’s external debt was about $4.4bn. On cancelling the debt, the Paris Club said it welcomed “Liberia’s determination to continue to implement a comprehensive poverty reduction strategy and an ambitious economic programme providing the basis for sustainable economic growth”.

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