The Hungarian government has offered a US$50 million credit facility to Liberia during a courtesy visit by the Hungarian Ambassador to Liberia, Tamas Endre Feher.
During the courtesy meeting Wednesday, July 17, 2024 to the Ministry of Finance and Development Planning, Ambassador Feher urged the government through the Ministries of Finance and Foreign Affairs to develop a concept aimed at accessing the credit facility.
Amb. Feher also disclosed that the concept would outline programs aligned with the government’s developmental agenda of the Agriculture, Roads, Rule of Law, Education, Sanitation and Tourism (ARREST).
The Hungarian envoy inquired about the progress of the government’s negotiations with the International Monetary Fund (IMF) regarding the Extended Credit Facility, particularly in relation to accessing Hungarian funding.
He then praised the ongoing relationship between Hungary and Liberia, highlighting their collaboration in development and education, specifically scholarship opportunities, as rewarding.
Amb. Feher, at the same time, assured of his country’s commitment to providing more scholarships for Liberian students in Central European countries, from bachelors to doctorates.
Acting Finance Minister Anthony G. Myers, reaffirmed the government’s dedication to fostering extensive cooperation for the transformation of the country’s economic sectors under the leadership of President Joseph Boakai, thus welcoming the Hungarian delegation.
Minister Myers emphasized the need for increased development cooperation between Liberia and Hungary, stressing that such efforts will yield successes and underscored collaboration, understanding, and completion of initiatives that will positively impact all sectors.
Speaking specifically about the IMF’s Extended Credit Facility, Minister Myers indicated that, as part of the program, the country’s debt portfolio is being presented and reviewed, noting that Liberia will engage in sustainable borrowing and examine progress on its capacity to pay debt when it is due.
He concluded that the Ministries of Finance and Foreign Affairs will engage in the soonest to identify project activities and discuss interest and other concessionaire issues concerning the Hungarian proposed credit facility.
The Acting Minister then reaffirmed the government dedication to fostering extensive cooperation for the transformation of all economic sectors under the leadership of President Boakai, calling for a more fruitful collaboration during their stayed in Liberia.