China forgives $1 million USD in Liberia's outstanding debt obligations (linked to #43602)

On February 1, 2007, Hu Jintao, Chinese Prime Minister, signed an agreement to forgive 1 million USD and 80 million RMB of debt owed by the Government of Liberia to the Chinese Government. These debts were incurred through 3 interest-free loans contracted before December 31, 2005. According to the IMF, China's cancellation of these loans represented 100 percent of its outstanding claims due before December 31, 2005. This record captures the forgiveness of the 1 million USD debt and Project ID# 43602 captures the forgiveness of the 80 million RMB of debt owed by the Government of Liberia to the Chinese Government.

Additional details

SAIS-CARI reports that an additional $10 million may have been forgiven in 2006. This project is not marked as umbrella because we do not capture any loan projects in Liberia prior to 2005, so there is no risk of double-counting.

Number of official sources

2

Number of total sources

9