Liberia buys back $1.2bn in debt

Moneybiz – Liberia has bought back $1.2-billion in government debt at a steep discount, the World Bank, which helped finance the buyback, said on Thursday.

The impoverished African country has "significantly reduced its foreign debt" at a discount of nearly 97 percent of face value, "the steepest ever negotiated on developing country commercial debt," the World Bank said.

The multilateral development lender said the deal, capping two years of negotiation, was concluded with the payment of $38-million to retire 25 outstanding commercial claims.

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