IMF, Shareholders Failing Liberia
Debt Campaigners to Bush Administration, IMF: No more delays! Cancel Liberia’s Debt Now!
Press Release Issued By Africa Action and Jubilee USA Network
accountability on the part of the creditors”, said Marie Clarke Brill, Interim Executive Director at Africa Action.
Shareholders at the IMF have been working for more than 18 months to devise a plan to clear the $800 million in arrears the country owes to the IMF. A complex formula to mobilize the needed resources has been developed, but a funding gap of $60-90 million remains. IMF shareholders are currently debating who should cover the remaining costs. Some argue the G-8 should chip in more; others argue that the IMF should use its substantial internal resources to make up the difference; while others argue middle-income countries should do more to contribute their fair share.
“The IMF is playing a blame game rather than investing the time and energy necessary to come up with the remaining cash. The reality is that IMF management, the Bush administration, and other leading shareholders all share responsibility for this failure” said Watkins. While the Bush administration has been active, they are not doing enough. If this administration is serious about supporting Liberian President Ellen Johnson-Sirleaf, President Bush and Secretary Paulson need to drop what they are doing, get on the phone with key shareholders and make a deal or cough up the extra money themselves now.
Additional Contacts: Neil Watkins - 202-421-1023 or Kristin Sundell - 443-845-4461, Jubilee USA Network; Marie Clarke Brill, Africa Action - 202-255-7849; Emira Woods, Foreign Policy in Focus, 301-523-2979