Ambassador's Speeches

SIGNING OF BILATERAL DEBT RELIEF AGREEMENT

Remarks at the Ministry of Finance
Signing of Bilateral Debt Relief Agreement
by
Ambassador Thomas N. Hull
Freetown, Sierra Leone
June 7, 2007

Honorable Minister of Finance, Distinguished Ladies and Gentlemen:

It is my distinct honor as the United States Ambassador to Sierra Leone to sign today an agreement between the Governments of the United States of America and the Republic of Sierra Leone to cancel 100 percent of the eligible debt owed to the United States by Sierra Leone.   This amounts to $58.3 million.

This 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 last December.  Through the HIPC Initiative, the United States and its partners in the international community seek to help the most heavily indebted countries relieve their external debt burden.

This agreement also reflects President Bush’s foreign policy of “transformational diplomacy” through which the United States of America seeks to help people help themselves.  In the accord with the Paris Club, the Government of Sierra Leone committed itself to allocating the resources freed by debt cancellation to priority areas identified in its poverty reduction strategy.  Many critical developmental needs remain, beginning with the extreme poverty that undermines progress.  By freeing funds that would otherwise be used for debt repayment, this agreement creates a significant opportunity for the Government of Sierra Leone to make economic, social and political progress.

I again congratulate the Government of Sierra Leone for having reached this important economic milestone, and wish the Government success for continued reform, growth, and development in Sierra Leone.