US Seeks to Move IMF to Cancel $100 Million in Debt for Sierra Leone, Liberia and Guinea
The US government is asking the International Monetary Fund (IMF) to cancel $100 million of debt of the three developing countries most impacted by the Ebola epidemic. US Treasury Secretary Jacob Lew is proposing a plan at the G20 meetings.Jubilee USA urged the White House at regular meetings during the Ebola outbreak to take this action. The Treasury Department announcement calls for relief for Guinea, Sierra Leone and Liberia to come from a special IMF trust fund set aside for countries impacted by natural disasters. The fund was established in 2010 when Jubilee USA called for the cancellation of Haiti's debt after its devastating earthquake. The three countries owe the IMF approximately $370 million. Guinea, where the outbreak began, spends more money annually on debt than on public health.
"This is absolutely fantastic news," said Eric LeCompte, executive director of the religious debt relief organization, Jubilee USA. "We are so grateful that Secretary Lew and the Administration are bringing this plan for debt relief for the Ebola-stricken countries."