Liberia fights 'vulture' creditors

President says country cannot afford to pay back millions in loans to foreign creditors yet.



    Ellen Johnson-Sirleaf, Liberia's president, has appealed to foreign creditors to allow her country time to emerge from a 25-year economic decline before attempting to recover millions of dollars it owes.

    Her appeal come as part of an attempt to fend off a so-called "vulture fund", a company that buys up bad debts of poor governments before going to court to try to get the money back.

    The Caribbean-based fund is trying to collect $20m from Liberia for a $6m loan that dates back to the 1970s.

    Al Jazeera's Yvonne Ndege reports from Monrovia.

    SOURCE: Al Jazeera


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