The United States ambassador Thomas Hull and the finance minister John Benjamin have signed a joint agreement which sees the cancellation of $58. 3 million, an amount of 100% of Sierra Leone’s eligible debt to the United States Government.
The US government has been supporting Sierra Leone in consolidating peace.
This agreement implements the multilateral accord signed with Paris Club creditors and it reflects the country’s successful completion of economic reforms under the Enhanced Heavily-Indebted Poor Countries (HIPC) initiative.
Through the HIPC programme, US government together with its international community seek to help the most heavily indebted countries to relieve their unsustainable debts.
It is expected that the Sierra Leone government apply its savings from this debt to the Poverty Reduction Strategy Programme (PRSP), as it is hoped by the ambassador that this agreement will create a significant opportunity for the government to make economic, social and political progress.