Norway will cancel parts of Liberia’s foreign debts

Norway to provide NOK 68 million (USD 11 million) for an international debt cancellation initiative for Liberia. Minister of International Development Erik Solheim met Liberia’s Minister of Finance Dr. Antoinette Sayeh in Berlin today.

“Liberia has developed in a positive direction since the peace agreement was entered into in 2003. The international donor community must provide further resources if this trend is to continue. Cancelling Liberia’s debts to the international financial institutions is key, and I am pleased to announce that Norway will contribute significant funds to the cancellation of Liberia’s debts,” commented Mr Solheim.

Norway will make available NOK 68 million for an international operation to cancel Liberia’s arrears to the World Bank and the African Development Bank. Norway’s hope is that other countries will be motivated to contribute, so that a rapid, joint solution is found to the problem of Liberia’s enormous debts to the international financial institutions.

 The debt cancellation funds come in addition to the resources Norway is already contributing to reconstruction efforts in Liberia.

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