2007 Press Releases

U.S. and Sierra Leone Sign $58 Million Debt Relief Pact

June 7, 2007
Freetown
Contact: Public Affairs Office
Tel: 515 000

United States Ambassador to Sierra Leone Thomas N. Hull and Sierra Leonean Minister of Finance John Oponjo Benjamin have signed a bilateral debt relief agreement to cancel $58.3 million of debt which amounts to 100 percent of Sierra Leone’s eligible debt to the United States Government.  The agreement implements the multilateral accord signed with Paris Club creditor nations on January 24, 2007 and reflects Sierra Leone’s successful completion of economic reforms under the Enhanced Heavily-Indebted Poor Countries (HIPC) Initiative. 

Through the HIPC Initiative, the United States and its partners in the international community seek to help the most heavily indebted poor countries relieve their unsustainable debt burdens.   Under its program of economic reform overseen by the International Monetary Fund, Sierra Leone has made excellent progress in reducing poverty and enhancing macroeconomic stability.  This final phase of debt relief frees additional resources that will enable the Government of Sierra Leone to make further progress on these objectives.

As the country recovers from the civil war that ended only in 2002, the United States proudly supports Sierra Leone’s efforts in consolidating peace, restoring and reforming government, and stimulating economic growth.  Sierra Leone is expected to apply the savings from this debt relief to its Poverty Reduction Strategy Program (PRSP).  Ambassador Hull observed that “this agreement creates a significant opportunity for the Government of Sierra Leone to make economic, social, and political progress.”