The_Open_Door_deel1

Years
1974
1975
1976
1976/77
1977/78
March 31 , 1979
-356-
TABLE 50
GROWTH OF THE PUBLIC EXTERNAL DEBT 1974 - 1979
(in millions of U.S. dollars)
Commitments
211 .3
276.1
348.4
399.5
521.8
626-4
Disbursements
152.0
169-3
201.2
215.2
236.7
304.5
Source: Adapted from Ministry of Finance, Annual Report 19 77/
1978, Statistical Annex p. 27, and Finance Bulletin,
Volume I, no. I, p. 12.
During the 19 7O's the U.S. Government remained Liberia's main
source of public foreign funds. As can be seen from Annex 25,
"Composition of Liberia's External Direct Debt as of March 31,
1979" (commitments and disbursements), nearly a quarter of the
Liberian Government's direct external debt, or some $150
million, was owed to the U.S. Government on March 31, 1979- The
majority of Liberia's external debt on that date (51 per cent)
was owed to the U.S. government, U.S. banks, the World Bank
Group and the I.M.F. (excluding the Euro-dollar loan of $ 60
million which was granted by a Bank Syndicate composed of U.S.
and European Banks). It is interesting to note that the European
Economic Community and two E.E.C.-members (the Federal Republic
of Germany and Italy) accounted for only 12 per cent of
Liberia's external debt (17 per cent if Banks from E.E.C. membercountries
are included). Nearly a quarter of the debt on March
1979 consisted of commercial loans (private banks and suppliers'
credit). The critical financial situation is illustrated by the
fact that on 62 of the 98 loans presented in Annex 25 principal
repayments will have to be made by early 19 82 (86).
U.S. Assistance
The assistance granted to Liberia by its most important donor,
the U.S.A., was summarized in Table 51- Included are loans and
grants for economic purposes as well as for military assistance
although the amount involved in the latter type of cooperation
between the U.S. and the Liberian Government can be called