An Open Letter to Civil Society Organizations on the Fund's Debt Relief for LiberiaBy Masood Ahmed, Director of the IMF's External Relations Department November 14, 2007
I am pleased to inform you that on November 12, 2007, the International Monetary Fund (IMF) has secured adequate pledges from member countries for the cost of the IMF's debt relief to Liberia, amounting to SDR 530 million (US$842 million) (See Press Release No. 07/254). We have received a large volume of emails on this topic, so this letter is being posted because it is impossible to respond to each message individually.
As Mr. Dominique Strauss-Kahn, Managing Director of the IMF, noted in his statement announcing the debt relief package, this breakthrough was achieved thanks to the leadership of President Johnson-Sirleaf and her economic team and the generous support from a wide group of contributors, including from low-income countries. I take this opportunity to also thank all those who have expressed their concerns about Liberia's debt situation. Their strong support to the cause of debt relief contributed to the broad donor support that made this financing possible. It is expected that Liberia will soon join the 32 countries that have already received full or partial debt relief under the HIPC Initiative.
The pledges are being formalized, following which Liberia and the IMF will initiate a process of arrears clearance and new Fund financing that will enable the delivery of IMF debt relief to Liberia.
The IMF remains committed to supporting Liberia in its efforts to achieve economic recovery and poverty reduction.
Director, External Relations Department
International Monetary Fund