WASHINGTON DC [HIGH-RES]
April 16, 2009 - Liberia today announced that it had significantly reduced its foreign debt by buying back $1.2 billion in outstanding government debt at a discount of nearly 97 percent of face value, the steepest ever negotiated on developing country commercial debt.

"This buy-back significantly eases Liberia’s heavy external debt burden and normalizes the country’s financial relationships with the investment community...The support to the buy-back by the Bank’s Debt Reduction Facility is part of our commitment to help heavily indebted poor countries reduce their debt burden" -- World Bank Group President Robert B. Zoellick.

World Bank Group President Robert B. Zoellick.(l.) Liberian President Ellen Johnson Sirleaf (r.);

WASHINGTON DC [HIGH-RES]
April 16, 2009 - "The successful resolution of this inherited debt, which had ballooned through interest and penalty charges during a period when my country was wracked by civil war, is an important step on our road to recovery...This puts us on a firmer footing to attract investment and accelerate economic growth." -- Liberian President Ellen Johnson Sirleaf

Photo: © Kris Tripplaar / World Bank

WASHINGTON DC [HIGH-RES]
April 16, 2009 - Liberian President Ellen Johnson Sirleaf meets with World Bank President Robert B. Zoellick to announce it had significantly reduced its foreign debt  by buying back $1.2 billion in outstanding government debt.

This deal cuts Liberia’s foreign debt to $1.7 billion, representing a reduction of more than $3 billion in the last two years. Most of the remaining debt will be cancelled when Liberia reaches its Completion Point under the Heavily Indebted Poor Country (HIPC) initiative, probably in 2010. 

Photo: © Kris Tripplaar / World Bank

WASHINGTON DC [HIGH-RES]
April 16, 2009 - Liberian President Ellen Johnson Sirleaf meets with World Bank President Robert B. Zoellick to announce it had significantly reduced its foreign debt  by buying back $1.2 billion in outstanding government debt.

Photo: © Kris Tripplaar / World Bank

WASHINGTON DC [HIGH-RES]
April 16, 2009 - Liberian President Ellen Johnson Sirleaf meets with World Bank President Robert B. Zoellick to announce it had significantly reduced its foreign debt  by buying back $1.2 billion in outstanding government debt.

Photo: © Kris Tripplaar / World Bank

WASHINGTON DC [HIGH-RES]
April 16, 2009 - Liberian President Ellen Johnson Sirleaf meets with World Bank President Robert B. Zoellick to announce it had significantly reduced its foreign debt  by buying back $1.2 billion in outstanding government debt.

Photo: © Kris Tripplaar / World Bank

WASHINGTON DC [HIGH-RES]
April 16, 2009 - Liberian President Ellen Johnson Sirleaf meets with World Bank President Robert B. Zoellick to announce it had significantly reduced its foreign debt  by buying back $1.2 billion in outstanding government debt.

Photo: © Kris Tripplaar / World Bank

WASHINGTON DC [HIGH-RES]
April 16, 2009 - Liberian President Ellen Johnson Sirleaf meets with World Bank President Robert B. Zoellick to announce it had significantly reduced its foreign debt  by buying back $1.2 billion in outstanding government debt.

Photo: © Kris Tripplaar / World Bank

WASHINGTON DC [HIGH-RES]
April 16, 2009 - Liberian President Ellen Johnson Sirleaf meets with World Bank President Robert B. Zoellick to announce it had significantly reduced its foreign debt  by buying back $1.2 billion in outstanding government debt.

Photo: © Kris Tripplaar / World Bank