For Immediate Release
United Nations Commission: Cancel Debt for Ebola-Impacted Countries
Report: West Africa Needs Debt Relief to Address Economic Challenges
WASHINGTON - The United Nations Economic Commission for Africa (UNECA) released a report calling for debt cancellation for Ebola-impacted countries. The new report, "A Case for External Debt Cancellation for Ebola-Affected Countries," calls on multilateral institutions and governments to cancel Liberia, Sierra Leone and Guinea's debts. The report argues debt relief would provide necessary "breathing space" to address the region's economic challenges. All three countries are ranked in the bottom 15 in the United Nations' Human Development Index.
"West Africa needs debt relief," said Eric LeCompte, Executive Director of the debt relief organization Jubilee USA. "Debt relief will not only fight Ebola, it will also provide a long-term investment in healthcare for the countries."
UNECA first called for debt relief in December. In November, the United States government called for $100 million in debt relief and took its plan to the G20. At the request of the G20, the International Monetary Fund (IMF) is currently considering a $300 million financing package that could include debt relief. In January, Guinea President Alpha Conde called for IMF debt relief. Guinea, where the outbreak began, spent more money on debt than on public health in the year before the epidemic began. All three countries have poverty rates above 50%.
"There is growing consensus for action," noted LeCompte, who serves on UN expert groups on debt. "Debt relief can provide additional financing the countries need."
Read UNECA's report.
Read more about Ebola debt relief.