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|Bilateral, Multilateral Partners Rescue Liberia Commit Over US $500M|
|Published on February 28, 2007||Email To Friend Print Version
Finance Minister, Dr. Antoinette Sayeh has revealed that even though the just ended partnership forum on Liberia was not intended to raise funds, yet several financial institutions and countries made commitment to the country in the tune of US $500 five hundred million to the post war reconstruction and development of Liberia.
Dr. Sayeh, who addressed a news conference at the Finance Ministry, yesterday, revealed that the United States, the Federal Republic of Germany and the United Kingdom made strong statements that they will eventually forgive 100 percent of bilateral debts Liberia owes them in the context of the HIPC process.
She told the news gatherers that the US government and several other countries expressed their commitment to work with their countries legislators to ensure that significant funds held with the IMF could be used to clear Liberia’s arrears.
According to the learned minister, a private sector conference was held on the 15 of February, 2007 at Grad Hyatt Hotel at which time new commitments were made in support of the Liberian private sector Development Agenda.
Madam Sayeh added that at the gathering, Mr. Robert Johnson, a prominent Afro-American entrepreneur and billionaire announced a US$30m fund to invest in Liberia’s local businesses while agreement to conduct feasibility studies for a Hydro-electric facility at Mount Coffee was reached.
Explaining further, Madam Sayeh averred that the main objective of the forum held in Washington DC, USA was to review progress made by the government on its reform and reconstruction agenda and to examine remaining challenges.
Secondly, she added that the forum was for discussion and solicitation of feedbacks from partners on the strategic programmes of Liberia and to also discuss financing requirements and mechanisms associated with meeting pressing reconstruction and development needs.
Dr. Sayeh emphasized that these was a strong endorsement of progress made by the government since its inception on January 16, 2006 and powerful statements of support were put forward.
The Minister said that representatives from 22 countries and 27 international NGOs and 30 non-governmental organizations attended the forum.