IPNEWS: Finance Ministry has denied recent reports that the Liberian government defaulted on the settlement of its outstanding obligations to the International Development Association
In a statement issued over the weekend, the Ministry said about US$44.3 has been paid by the Unity Party administration since January 2024.
It stated that the Federal Reserve Bank of New York which handles international payments for the CBL reduced the weekly transfer period from five days to two days as a result of irregular transactions through the CBL in the period before the January 2024 transition of power.
The Finance Ministry statement clarified that the due dates for some IDA loan repayments do not fall on the CBL transfer dates; something the Ministry claimed was wrongly interpreted as defaults by the national government.
Recently some local dailies reported that the World Bank has suspended Liberia’s access to crucial funding after the country defaulted on its payment obligations for 60 days.
The IDA is the leading financing institution of the World Bank Group for low-income countries and provides low-interest loans and grants to promote sustainable economic growth and reduce poverty.
