See also:
» 20.04.2010 - New British law could save Liberia's debt legal saga
» 15.02.2010 - IMF commissions a mission to Liberia
» 22.12.2009 - First female wins Liberia's youth leadership award
» 01.12.2009 - Liberia pledges support to small farmers
» 16.04.2009 - Liberia successfully completes old debt buy back deal
» 18.04.2008 - Liberia's arrears written off
» 16.01.2008 - Windfall for Liberian business
» 22.10.2007 - “IMF is failing Liberia”

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Economy - Development

Germany set to cancel Liberia’s debts

afrol News, 23 May - Angela Merkel, the German Chancellor, has assured President Ellen Johnson-Sirleaf that Germany will cancel its bilateral debts owed to Liberia.

Chancellor Merkel will not stop there – she has promised to put the West African country’s debt crisis on the agenda of the scheduled G-8 summit.

President Johnson-Sirleaf is currently leading a Liberian delegation on tour in Germany. The delegation had previously conducted a successful tour in the United States.

The German Chancellor is among the world leaders with the belief that time has come for the G-8 to provide solution to the war-torn country’s debt woes. Dr. Merkel told President Johnson-Sirleaf that the G-8 will ensure that Liberia gets a "little room to breathe."

German leader hailed the Africa Partnership Forum currently being held in Berlin. Such an opportunity, Dr. Merkel believed, is enough good platform that fosters partnership between Africa and Germany.

Liberia has an outstanding debt of US $3.7 billion. And according to the Liberian leader, this has hindered the country’s efforts to development in general.

President Johnson-Sirleaf briefed the German Chancellor about the economic recovery measures put in place by her government. She said these include implementation of sound fiscal policies, making good of natural resources such as rubber, forestry products and minerals.

The Liberian leader will not return home empty handed, as the German Minister of State, Germot Erler, disclosed that Germany has earmarked over 11 million Euros for the reconstruction of Liberia. This was disclosed during a meeting involving President Johnson-Sirleaf and the German Minister of State.

Under the aegis of German-African Business Association, a group of German business magnates is planning to travel to Liberia in October this year. Part of the group’s mission involves searching for business or investment opportunities in the West African country.

Last week, the CEOs of RLJ Companies and G-III Apparel Group, Robert L. Johnson and Morris Goldfarb, pumped $100,000 into the Liberian Education Trust this month, a charitable trust created to harness American support for the restoration of basic education in post-civil war Liberia.

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