Norway is ready to send $11 million to the World Bank and the African Development Bank to relieve Liberia of some of its debts with the agencies. “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,” said Norwegian International Development Aid Minister Erik Solheim. “Cancelling Liberia’s debts to the international financial institutions is key,” Solheim’s statement further read. Liberia’s debt burden amounts to $3.7 billion or 800 percent of the country’s gross national product.
Source: Norway to cancel part of Liberia’s foreign debts (AFP)