01 July 2010
By Lelethu Mquqo
Liberia's shocking bilateral and multilateral debts of 4.9 billion US dollars was cleared yesterday after the country reached the Heavily Indebted Poor Countries (HIPC) completion point.
Former governments had borrowed money from the World Bank, the International Monetary Fund and other countries and had not paid back any of those loans.
President Ellen JOHNSON SIRLEAF said her administration promised from the start to do everything in its power to put the economic and financial house in order, and to get the burden which is holding back national recovery and development, off their backs.
President Sirleaf says erasing all Liberian's debt to the world's leading financial institutions will make Liberia internationally trustworthy and attract investors to improve its economy and financial management.
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