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The global economic crisis presents a challenge and an opportunity to do better with U.S. assistance to Africa said CGD senior fellow Steve Radelet in testimony before the House Foreign Affairs Subcommittee on Africa and Global Health last week. Not surprisingly, doing better in Africa requires the same steps towards broad U.S.
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.