UN General Assembly
1999

For most developing countries, particularly the least developed countries, which include Liberia, the debt overhang and the unequal levels of trade are perennial problems for their socio-economic development and reintegration into the world economy. The huge debt burden inherited by Liberia remains a major obstacle in our post-war reconstruction efforts. Our debt stock is $3 billion. This means that each Liberian man, woman and child carries a debt burden of $1,200. In a country where the per capita income is barely $275 it may never be possible to fully repay this colossal financial obligation. Additionally, the cost of rehabilitation and resettlement makes it imperative that consideration be given to our request for debt relief. We are continuously undertaking economic reforms to deal with the massive demands of our people and the international community. In view of all that, we call on our creditors to consider relieving Liberia of this enormous financial burden. Debt relief should be considered on a humanitarian basis against the background that such a move would consolidate existing peace, enhance rehabilitation and