Germany agreed to write off Liberia?s debts amounting to $230 million. “Germany announces that it would forgive 100 percent of the bilateral debts owed in the context of the HIPC (Heavily Indebted Poor Countries) process,” said a statement issued at the end of a donor conference in Washington. The same statement carried a pledge by the U.S. government to seek the approval of Congress for a $35 million aid to help Liberia repay some of its obligations with the International Monetary Fund and the World Bank. A day earlier, Washington stated it will also provide debt relief to Liberia, in the amount of $391 million. The African nation?s debt burden totals $3.7 billion or 800 percent of the country?s gross domestic product.
Source: Germany forgives Liberia debt of 230 million US dollars (AFP)
