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Viewing cable 07STATE117303, LIBERIA,S ARREARS TO THE NIGERIA TRUST FUND

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Reference ID Created Released Classification Origin
07STATE117303 2007-08-21 16:10 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Secretary of State
VZCZCXRO6541
OO RUEHMA RUEHPA
DE RUEHC #7303/01 2340425
ZNR UUUUU ZZH
O 211610Z AUG 07
FM SECSTATE WASHDC
TO RUEHUJA/AMEMBASSY ABUJA IMMEDIATE 2778-2779
INFO ECOWAS COLLECTIVE PRIORITY
RUEHMV/AMEMBASSY MONROVIA PRIORITY 1553-1554
RUEATRS/TREASURY DEPT WASHINGTON DC PRIORITY 8807-8808
UNCLAS SECTION 01 OF 02 STATE 117303 
 
SIPDIS 
 
SENSITIVE 
SIPDIS 
 
C O R R E C T E D  C O P Y (SENSITIVE CAPTION ADDED) 
 
E.O. 12958: N/A 
TAGS: ECON EFIN LI NI PREL
SUBJECT: LIBERIA,S ARREARS TO THE NIGERIA TRUST FUND 
 
REF: ABUJA 1265 
 
STATE 00117303  001.2 OF 002 
 
 
 1. (SBU) ACTION REQUEST: Post is requested to seek a 
meeting with Finance Minister Usman and deliver the 
 
 
 
attached letter (see para 9, PDF version will be sent to 
the Embassy) from Treasury Secretary Henry Paulson as soon 
as possible, preferably before close of business Tuesday, 
August 21. 
 
2. (SBU) Over the past 18 months, the United States has 
taken an active part in working with the G-8 and the 
international financial institutions (IFIs) to help Liberia 
clear $1.4 billion in arrears to IFI and bilateral 
creditors so that it could qualify for new development 
financing and debt relief.  A plan to finance arrears 
clearance at the World Bank is largely in place and 
progress is being made on financing packages at the IMF and 
African Development Bank (AfDB).  For its part, the United 
States is prepared to contribute $50 million bilaterally 
(of which at least $15 million will be used for AfDB 
arrears), redirect $150 million in funds held by the IMF, 
and forgive in due course $391 million in U.S. claims on 
Liberia. 
 
3. (SBU) At the IMF, Fund management has proposed a 
financing package that provides a reasonable basis for 
mobilizing the $800 million necessary to clear arrears.  G- 
8 member countries have already committed to provide their 
portion of the financing package.  Fund management is now 
soliciting contributions from non-G-8 members and has 
secured about half of the $300 million needed from non-G-8 
countries. 
 
4. (SBU) At the AfDB, while significant progress has been 
made in securing financing for clearing Liberia,s regular 
arrears (about $200 million), Liberia still has $44 million 
in arrears to the Nigeria Trust Fund window of the AfDB. 
Nigeria has an important role to play in ensuring that 
Liberia regains its access to AfDB financing.  As Nigeria 
is the economic and political leader of West Africa, we 
would expect that the GON would agree to forgive the $44 
million that Liberia owes to the Nigeria Trust Fund.  If 
Nigeria does not forgive the full amount, other donors will 
have to cover the NTF arrears, since Liberia does not have 
the financial resources to make payments (Liberia,s total 
revenue in the 2007/2008 fiscal year is only expected to be 
$182 million).  Finding other donors to cover NTF arrears 
will be difficult and will further delay Liberia,s 
regaining access to development finance from the AfDB. 
 
5. (SBU) A/S Frazer raised the NTF issue with President 
Yar,Adua at his inauguration in May (see reftel) and AfDB 
President Donald Kaberuka has also recently spoken with 
Yar,Adua.  Yar,Adua appeared forward leaning in both 
conversations but in his discussion with Kaberuka noted 
that a final decision would not be made until his Finance 
Minister was in place. 
 
6. (SBU) On Thursday, August 16, 2007, staff in the U.S. 
Executive Director,s office at the AfDB spoke with the new 
Nigerian Executive Director, Mansur Muhtar (formerly of the 
Nigerian Debt Management Office), on this topic.  Muhtar 
reported that he would be meeting with Minister Usman on 
Tuesday, August 21 to develop a recommendation for the 
President.  The timely delivery of this letter to Minister 
Usman would reinforce the importance the USG attaches to 
this issue and could help influence Usman,s recommendation 
to the President. 
 
7. (SBU) Begin suggested talking points. 
 
-- Liberia has made enormous strides since the Johnson- 
Sirleaf administration took office in January 2006 but the 
country continues to face equally enormous challenges 
including an external debt burden equal to 700% of 
Liberia,s annual GDP and limited access to concessional 
financing from the IMF, World Bank and AfDB. 
 
-- Obtaining concessional financing and debt relief will be 
critical to stabilizing Liberia,s economy.  However, to 
 
STATE 00117303  002.2 OF 002 
 
 
achieve these two goals, Liberia,s arrears at the IMF, AfDB 
and World Bank must be cleared. 
 
-- Liberia has extremely limited budget resources devoted 
to priority expenditures and is unable to contribute more 
than a token amount to arrears clearance. 
 
-- The U.S. has worked diligently with the World Bank, the 
IMF, and the African Development Bank and within the G-8 to 
secure the needed financing to clear the arrears.  There is 
a financing plan in place at the World Bank and we are 
making progress at both the IMF and the AfDB. 
 
-- Nigeria will play a critical role in clearing arrears at 
the AfDB and we hope that Nigeria can again fulfill its 
role as the region,s political and economic leader by 
forgiving Liberia,s arrears to the NTF. 
 
-- We are certain Nigeria can empathize with the major 
impact that debt relief will have on Liberia,s economy. 
 
-- Secretary Paulson is looking forward to learning of 
Nigeria,s forgiveness of Liberia,s NTF debt. 
 
End suggested points. 
 
8.  Begin letter text. 
 
Dr. Shamsuddeen Usman 
Honorable Minister of Finance 
Federal Ministry of Finance 
Abuja, Nigeria 
 
Dear Dr. Usman: 
 
Congratulations on your assumption of the post of Minister 
of Finance. 
 
The economic reforms carried out in Nigeria over the last 
three years have been impressive, and I hope that you and 
President Yar,Adua will continue these efforts.  The 
Department of the Treasury remains committed to supporting 
Nigeria through the provision of a resident technical 
advisor in the Debt Management Office. 
 
On an issue of mutual concern, we understand that your 
staff has already had initial discussions with the African 
Development Bank about Liberia,s $44 million in arrears at 
the Nigerian Trust Fund (NTF).  I would greatly appreciate 
hearing from you regarding the progress being made on this 
issue.  The United States and the international community 
are committed to supporting the clearance of Liberia,s 
arrears to the international financial institutions as 
quickly as possible. 
 
Again, accept my sincere congratulations on your new 
position.  I hope that the ties between the Department of 
the Treasury and Federal Ministry of Finance will continue 
to grow in the coming years. 
 
Sincerely, 
Henry M. Paulson, Jr. 
 
End letter text. 
RICE