15 February 2007
Secretary of State Condoleezza Rice made the announcement on Tuesday, February 13, 2007, following civil society calls for the cancellation.
Secretary Rice stated that "today's leadership and today's people of Liberia do not deserve [the debt]." The $391 million cancellation is all of Liberia's debt owed to the US.
The announcement was made at an international conference on Liberia. World Bank President Paul Wolfowitz opened the conference addressing donor countries, arguing that Liberia's debt cancellation is an urgent need.
Reuters reported that IMF managment is proposing to forgive the $800 million that Liberia owes the Fund. $1.5 billion of Liberia's debt is owed to the Bank and IMF. Liberia, a country of 3 million people, has an overall debt of $3.7 billion.
Jubilee USA, a civil society organization that fights for debt cancellation, has recently taking the lead on a large push for Liberia debt cancellation. On February 7, 2007, Jubilee organized and handed out more than 10,000 Valentines outside the US Treasury asking Secretary Henry Paulson to, "Have a Heart and Cancel Liberia's Debt!" The day before they organized a 'Cancel Liberia’s Debt Call-In Day' urging people to call into the US Treasury asking for Liberian debt cancellation.
read more
- US To Forgive $391 Million Debt Owed By Liberia, World Bank Press Release, February 14, 2007 (World Bank website)
- World Bank President Paul Wolfowitz opens Liberia Partners Forum, February 13, 2007 (World Bank website)
- Release of the Liberia Report Card, Jubilee USA, February 2007 (Jubilee USA website)
- Why Liberia's Debt Should Be Cancelled: Liberia Fact Sheet, Jubilee USA, October 2006 (Jubilee USA website)
- Liberia Taken to Heart, Jubilee USA, February 8, 2007 (Jubilee USA website)
- US Cancels Liberia's Debt, But Billions Pending, Emad Mekay, IPS News, February 13, 2007 (IPS News website)