Yesterday, the Paris Club pardoned 1.2 billion dollars of debt owned by Liberia. The Paris Club praised Liberia's determination to continue to implement comprehensive poverty reduction and economic restructuring to bolster sustainable economic growth. As of June 2007, Liberia's external debt was 4.4 billion dollars. The Paris Club, an informal group of the world's largest economies, has focused on providing financial services to the world's Heavily-Indebted Poor Countries (HIPC) since inception in the 1970s.
The 8th MDG focuses on forging a global partnership for development, the cornerstone for the implementation of the 7 other MDGs. Debt forgiveness/relief and fairer trade rules establish a partnership for development where the richest countries enable HIPCs to grow firm economies and become self sustaining.
-Erica Stetz
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