By Grace Q. Bryant
The International Monetary Fund (IMF) and the Liberian government have signed a US$209 million agreement under the IMF’s Extended Credit Facility program.
This new arrangement aims to support President Boakai’s administration with its robust reform agenda by providing Liberia with over US$200 million in funding.
“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,”stated Mr. Daehaeng Kim, the IMF’s mission chief for Liberia.
This latest support from the IMF is a significant boost for the Boakai administration as it helps alleviate fiscal constraints and addresses balance of payments issues.
The IMF staff commends the Liberian authorities’ efforts to tackle immediate policy challenges and restore policy credibility.
“We remain committed to supporting the authorities’ implementation of key policy priorities, which include restoring fiscal sustainability, rebuilding external reserves, ensuring financial sector stability and revitalizing a reform agenda to tackle governance and corruption issues,”Mr. Kim added.
The authorities have developed a sound plan and initiated essential policy actions to manage the challenging fiscal situation and address concerns related to central bank governance.
The IMF staff expressed their gratitude to the Liberian authorities for their productive cooperation and constructive policy discussions.
Emphasizing on the Project at the Ministry of Information, Acting Finance Minister Anthony Myers disclosed that the Liberia Financial Management Authority, Ministry of Finance, and Central Bank of Liberia have reached a management-level agreement with the IMF to resume the extended credit facilities.
He further noted that a proposal for a 40-months Financial Management Reform project will be presented to the IMF Board, which is scheduled to meet on September 25, 2024.
