Liberia agrees deal with 'vulture funds'

Monrovia, 23 Nov-(ANA)-Liberia has reached a deal with two firms on debts dating from the 1970s.

The Caribbean-registered companies - Hamsah Investment and Wall Capital - agreed that Liberia would pay back just over 3% of the $ 43m (£ 27m) it owed.

The companies are among what critics call "vulture funds", which buy up the defaulted debts of poor countries then demand swift repayment.

Liberia's Finance Minister, Augustine Ngafuan, said the country would never again build up such huge debts.

Liberia has lost court cases in both London and New York over its debts to the firms.

The 2009 London ruling ordered Liberia to pay $20m (£12m) - then equivalent to about 5% of the national budget. (ANA)

FA/ANA/23 November 2010-------