A Letter to Bono on Debt Relief for Liberia

By Rodrigo de Rato, Managing Director
International Monetary Fund
October 21, 2007

Dear Bono:

I am writing to share your concern about Liberia. I agree completely that progress must be made toward the debt relief that is essential to Liberia's recovery. Let me assure you that the International Monetary Fund—and I personally—are pressing to ensure that this is achieved as quickly as possible.

The IMF has already approved a financing package for Liberia's debt relief. Now it is up to our member countries to provide the necessary funding. So far many members have committed resources, including some of the poorest countries. What is needed urgently is further commitments from other countries to fill the gap. We are working closely with them to achieve this goal. It is imperative that the governments that wish to assist Liberia make debt relief a reality.

I met earlier this week with President Sirleaf to discuss this and other issues. I am impressed with her government's efforts to place Liberia's economy on the road to recovery under very difficult circumstances.

Allow me again to assure you that the IMF is firmly committed to ensuring that Liberia receives debt relief. And we will remain fully engaged in the country's recovery and reconstruction.

Very truly yours,
Rodrigo de Rato



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