Norway Gives a Helping Hand to Liberia.

Credits: easyvoyage.com

On November 14th 2008, Norway announced the cancellation of an important part of Liberia’s debt. The Norwegian government agreed to cancel 35 million USD, making up 90% of the Liberia’s total debt to Norway. This gesture from the Norwegian government is directly in line with the Heavily Indebted Poor Countries Initiative (HIPC Initiative). This program, jointly proposed by the IMF and the World Bank in September 1996, was designed to provide exceptional assistance to eligible countries following sound economic policies to help them reduce their external debt burden to sustainable levels.

Feeling the Weight of Debt

A brief but powerful video portraying the basic essentials of the relationship between lending institution (The World Bank and/or IMF) and their borrowing countries.

To learn more about Third World debt you can visit these websites:

• Social Justice Committee and our activities on debt
• Jubilee USA Network