Completed Development AidData Chinese Aid

MOFCOM forgives RMB 80 million of Liberia's outstanding debt obligations (Linked to Record ID#1648)

¥80M RMB

Funder	China Ministry of Commerce
Recipient Organization	Government of Liberia
Country	Liberia
Start Date	Jan 01, 2007
End Date	Sep 29, 2032
Duration	9,403 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`43602`

Grant Description

On February 1, 2007, Hu Jintao, Chinese Prime Minister, signed an agreement to forgive $1 million and RMB 80 million of outstanding 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. Record ID#43602 captures the forgiveness of RMB 80 million of outstanding debt to the Chinese Government. Record ID#1648 captures the forgiveness of the $1 million of outstanding debt to the Chinese Government.

📋 Staff Comments

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.

📚 Sources & References

http://news.bbc.co.uk/2/hi/africa/6319457.stm
UPDATAE 1-China's Hu brings hope, pride to war-torn Liberia, http://lr.china-embassy.org/chn/sghdhzxxx/t615922.htm
Liberia : 2008 Article IV Consultation
First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility
Financing Assurances Review, and Request for Waiver and Modification of Performance Criteria: Staff Report; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Liberia
Liberia’s External Debt: Moving Towards Comprehensive Debt Relief
Liberia: Enhanced Initiative for Heavily Indebted Poor Countries—Completion Point Document and Multilateral Debt Relief Initiative, uring President Hu Jintao's visit, the two governments signed 7 economic and trade cooperation agreements
China gives 7.5 million dollars in aid, loans to Liberia
SAIS-CARI China's Debt Cancellation In Africa Database*
China Cancels Liberia's Debt
Debt Relief with Chinese Characteristics
China and Liberia: Engagement in a Post-Conflict Country 2003 – 2013 Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.

All Grantees

Government of Liberia

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