In a huge step forward, this week Liberia slashed its foreign debt by buying back $1.2 billion in commercial debt — about one-quarter of its foreign debt — from its private foreign creditors, including banks, hedge funds, and other “distressed debt” investment funds. President Ellen Johnson Sirleaf announced today that the Government had purchased the debt at a discount of nearly 97 percent off the face value, the deepest discount ever negotiated on developing country commercial debt. The $38 million needed for the deal was provided by some of Liberia’s strongest partners — the World Bank, Germany, Norway, the United Kingdom, and the United States, so the debt was eliminated at zero cost to the people of Liberia.

Congratulations to everyone involved. Now ignore the example of a certain American President and keep a balanced budget!

I heard a Ministry of Health spokesman on UNMIL radio yesterday saying that the mortality rate amongst children under 1 year old in Liberia has fallen from 117 per thousand to 73 per thousand since the new Government came into power in 2006. Good job, President Johnson Sirleaf and her team.