WASHINGTON D.C. / LIBERIA DEBT

Liberian President Ellen Johnson Sirleaf announces the country has slashed its foreign debt by buying back (USD) 1.2 billion at a discount of nearly 97 percent. The World Bank provided about half of the funding for the buy back with other countries also contributing. WORLD BANK

• Categories: News & Features / News Stories / Unifeed
• Video Length: 00:02:17
• Production Date: 16 April 2009
• Asset Language: Original
• Corporate Name: WORLD BANK
• Subject Topical: ECONOMIC DEVELOPMENT; FINANCING
• Geographic Subject: LIBERIA
• MAMS Id: U090416e

Description

STORY: WASHINGTON D.C / LIBERIA DEBT
TRT: 2.17
SOURCE: WORLD BANK
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 16 APRIL 2009, WASHINGTON, DC / FILE

Shotlist

WASHINGTON, DC APRIL 16, 2009

1. Med shot, Ellen Johnson-Sirleaf, President of Liberia and Robert Zoellick, President World Bank seated at press conference

FILE – WORLD BANK – 2008, LIBERIA

2. Med shot, woman cooking
3. Wide shot, UN trucks

WASHINGTON, DC APRIL 16, 2009

4. SOUNDBITE (English) Ellen Johnson-Sirleaf, President, Liberia:
“The successful resolution of this inherited debt, which had ballooned through interest and penalty charges during a period when my country was wrecked by civil war, is an important step on our road to recovery. This puts us on a firmer footing to attract investment and accelerated economic growth.”

FILE – WORLD BANK – 2008, LIBERIA

5. Various aerial shots, Monrovia

WASHINGTON, DC APRIL 16, 2009

6. SOUNDBITE (English) Robert Zoellick, President, World Bank:
“We need to see this as a milestone because we still have to complete the remaining debt reduction, but we have a program to do so. But even that is just going to get the stone off the back of the people of Liberia. Then we have to help them be able to walk and run forward and in an economic climate this, that’s not going to be easy.”

FILE – WORLD BANK – 2008, LIBERIA

7. Wide shot, men walking to fields
8. Pan right, fish market

WASHINGTON, DC APRIL 16, 2009

9. SOUNDBITE (English) Ellen Johnson-Sirleaf, President, Liberia:
“We have been at peace for nearly six years. People are rebuilding their homes and their communities. Children are returning to school. We are beginning to provide running water, basic sanitation, good roads, taking strong steps to improve governance and strengthen accountability, and beginning to see the results.”

FILE – WORLD BANK – 2008, LIBERIA

10. Med shot, preparing food
11. Med shot, market
12. Wide shot, street scene

Storyline

Liberia’s president, Ellen Johnson-Sirleaf today (16 April) announced that the country has slashed its foreign debt by buying back 1.2 billion US dollars at a steep discount.

She made the announcement at the World Bank, which contributed half the money needed to retire the debt. Germany, Norway, the United Kingdom and the United States donated the rest.

The debt was bought back at a discount of nearly 97 percent of face value, for a cost of 38 million US dollars.

SOUNDBITE (English) Ellen Johnson Sirleaf, President, Liberia:
“The successful resolution of this inherited debt, which had ballooned through interest and penalty charges during a period when my country was wrecked by civil war, is an important step on our road to recovery. This puts us on a firmer footing to attract investment and accelerated economic growth.”

Now the hope is that Liberia, without crushing debt, will be able to attract foreign investment.

SOUNDBITE (English) Robert Zoellick, President, World Bank:
“We need to see this as a milestone because we still have to complete the remaining debt reduction, but we have a program to do so. But even that is just going to get the stone off the back of the people of Liberia. Then we have to help them be able to walk and run forward and in an economic climate this, that’s not going to be easy.”

Because of the support of the World Bank and other partners, the buyback was completed at no cost to the people of Liberia.

Liberians are among the poorest people in the world….and more than half the population is under 25 years old, meaning most Liberians had not even been born when the initial debt was incurred.

SOUNDBITE (English) Ellen Johnson Sirleaf, President, Liberia:
“We have been at peace for nearly six years. People are rebuilding their homes and their communities. Children are returning to school. We are beginning to provide running water, basic sanitation, good roads, taking strong steps to improve governance and strengthen accountability, and beginning to see the results.”

Liberia has recovered quickly after the civil war ended in 2003. Economic growth is up to nine percent a year, school enrollment has risen, and health clinics have reopened around the country.