Liberia-Staff of the international Monetary Fund (IMF) and the Liberian authorities have reached a staff-level agreement on a comprehensive set of policies to support a 40-month Extended Credit Facility (ECF) arrangement for a total amount of SDR 155 million (equivalent to 60 percent of the country’s quota).
This arrangement, pending approval by the IMF’s Management and Executive Board, aims to back the new administration’s robust reform agenda.
Mr. Daehaeng Kim, the IMF’s mission chief for Liberia stated “I am pleased to announce that the IMF staff and the Liberian authorities have reached an agreement that will facilitate the IMF’s support for the new administration’s policy reform agenda.
Mr. Kim further that the IMF staff welcomes the authorities’ efforts to address immediate policy challenges and restore policy credibility.
“We remain committed to supporting the authorities’ implementation of key policy priorities.”
He named restoring fiscal sustainability, rebuilding external reserves, ensuring financial sector stability, and revitalizing a reform agenda to tackle governance and corruption issues.
At the same time, the authorities have developed a plan and have initiated essential policy actions to manage the difficult fiscal situation and address concerns related to central bank governance.
The IMF, however, lauded authorities for their productive cooperation for their constructive policy discussions.
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