Yesterday, the World Bank announced that it has lifted Liberia’s suspension of disbursements after the country met with all its obligations to the Bank. A letter sent to Liberia’s Minister of Finance, Samuel D. Tweah stated that Liberia is now current on all payments owed by them to the Bank under the Suspended Loans.
“Consequently, the suspension of withdrawals under the Suspended Loans has been lifted as of November 24, 2023,” the letter under the signature of Elisabeth Huybens, Director for Strategy and Operations Western and Central Africa noted. The World Bank said it received all the overdue payments referred to in the suspension notice and all other payments owed by its member countries.
It can be recalled that Liberia was served a notice by the International Development Association (World Bank) dated November 15, 2023 suspending withdrawals under the Suspended Loans.
The World Bank recently suspended Liberia’s access to “unwithdrawn loans” in Liberia after the country defaulted loan repayments by 60 days under the administration of outgoing president George Weah. The decision to suspend access was conveyed in a letter on November 15 to Liberia’s Finance Minister Samuel Tweah, from the Vice-President of the Western and Central Africa region at the World Bank, OusmaneDiagana.
The suspension came as Liberia ushers in a new administration led by Joseph Boakai following presidential elections on October 10. The country’s right to withdraw from the Disbursing Loans and specific Trust Fund grants was temporarily halted until the debt to the Bank is serviced.
But with the lifting of the suspension on Liberia, the country is back on course and is ready to resume business with the World Bank. Many praised the Minister of Finance of Liberia, Samuel D. Tweah for his hard work in ensuring that the suspension was lifted just within days.
Many Liberians have lauded the Weah administration for ensuring that the suspension is lifted as Liberia welcomes a new administration early next year. Some citizens said President Weah is doing everything possible for a smooth transition as he prepares to turn over to President-elect, Joseph Nyumah Boakai who won the 2023 Presidential and Legislative Elections in Liberia.