[Congressional Record Volume 153, Number 34 (Wednesday, February 28, 2007)]
[Extensions of Remarks]
[Pages E417-E418]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 RECOGNIZING SECRETARY OF STATE CONDOLEEZZA RICE FOR HER COMMITMENT TO 
                                LIBERIA

                                 ______
                                 

                         HON. CHARLES B. RANGEL

                              of new york

                    in the house of representatives

                      Wednesday, February 28, 2007

  Mr. RANGEL. Madam Speaker, I rise today in recognition of the 
wonderful work done by Secretary of State Condoleezza Rice in hosting 
the Liberia Private Sector Investment Forum, a part of a collective 
effort to ensure debt relief and economic revitalization for Liberia.
  Now is a time for optimism in Liberia. Following 14 years of boorish 
dictatorship and ravenous civil conflict, Liberia has the opportunity 
to restore democracy, economic stability and social harmony. With the 
recent election of President Ellen Johnson-Sirleaf, Africa's first 
female head of state, Liberia is well-positioned to step out of the 
shadow of a history of violence and destruction; however, Liberia 
continues to be bound to its past in the form of severe debt accrued 
over the years.
  It is important for us all to follow Secretary Rice's example and 
encourage our President to forgive Liberia of its debt in full. Liberia 
simply cannot pay its debt to the United States in particular; a debt 
incurred when civil war ensued following the forceful ascension to 
power by Samuel Doe and Charles Taylor. A recent United Nations 
development report on Liberia found that more than 85% of the 
population is unemployed; nearly 75% of the population miserably 
subsist on less than $1 per day. A third of the population is 
illiterate, almost 10% suffer from HIV and AIDS and life expectancy 
hovers somewhere around 50 years of age. Liberia's economy and 
infrastructure was nearly demolished during decades of fighting and 
tyranny. Those living in Liberia today still have limited access to 
clean water and electricity. It will take tremendous resources to 
rebuild schools, roads and power grids; however, many of Liberia's 
existing resources are required to repay the enormous debt burden.
  The fiscal and structural resources necessary to repair a country 
whose economy

[[Page E418]]

and social fabric have been torn apart due to enduring violence, war 
that persisted for more than a decade, and debt incurred by misguided 
and corrupt leaders are tremendous. Moreover, establishing institutions 
and systems designed to ensure that a country will not fall back into a 
cycle of indebtedness, while simultaneously attempting to repay an 
existing debt, is an extremely lofty task. In Liberia debt and monetary 
conditions are debased and the demands of an increasingly global market 
economy continue to threaten the fragile base upon which Liberia's 
current economy stands. More than simply being unable to pay back the 
debt owed to other countries, unsustainable debt will perpetuate 
Liberia's inability to achieve economic independence, social harmony, 
or to realize a truly democratic state, now or in the future.
  I commend Secretary Rice for her effort to bring much needed relief 
to the people of Liberia; her participation in the Liberia Partners' 
Forum as well as her continued work in the region serves as a shining 
example for us all. Let us not forget the work that remains to be done 
in helping to rebuild Liberia. Let us begin by calling for complete 
debt forgiveness.

                          ____________________