Tuesday, March 02, 2010

Liberia To Become Debt Free

The African nation of Liberia expects to have their $1.7B debt cleared by the end of 2010. With the first woman elected as an African President at the helm of the government, Liberia is nearing their goal set by the Heavily Indebted Poor Country (HIPC) Initiative. International Monetary Fund (IMF) officials say they can do it even sooner.

The HIPC was initiated by the IMF and World Bank in 1996 to distribute debt-relief to the poorest nations in the world. Liberia cut its debt nearly in half in August when it paid off $1.2B of outstanding debt from the 1980s. President Ellen Johnson-Sirleaf's policies seem to be effective as she vowed to rebuild the nation and eradicate corruption through zero-tolerance.

-Nick Mohazzabfar