IPNEWS: Reports coming out of Washington, DC says the International Monetary Fund staff 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 about US$209 million or 60 percent .
The International Monetary Fund reached a staff-level agreement for Liberia on a new 40-month extended credit facility arrangement for $209 million, the IMF said in a statement on Monday.
This arrangement, pending approval by the IMF’s Management and Executive Board, aims to back the new administration’s robust reform agenda. The Board discussion for Liberia’s ECF arrangement is scheduled for September 25.
Mr. Daehaeng Kim, the IMF’s mission chief for Liberia, made the following statement at the end of the discussions with the authorities:
“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.
“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, which include restoring fiscal sustainability, rebuilding external reserves, ensuring financial sector stability, and revitalizing a reform agenda to tackle governance and corruption issues. The authorities have developed a sound plan and have initiated essential policy actions to manage the difficult fiscal situation and address concerns related to central bank governance.”
“The staff team extends its gratitude to the authorities for their productive cooperation and the open and constructive policy discussions.”
Last month a high-level delegation from the International Monetary fund (IMF) led by Daehaeng Kim DK concluded its visits Monrovia from June 24 to July 5, 2024, to negotiate the Extended Credit Facility (ECF)/New Country Program.
The team visits to Liberia were based on an invitation from President Joseph Nyumah Boakai when he visited the headquarters of the IMF in December 2023.
The IMF mission to Liberia aims to negotiate the Extended Credit Facility/ New Country Program focusing on key fiscal, monetary and economic issues. The mission will involve a series of structured meetings with Liberia’s financial and government institutions, donor agencies and international partners. The goal is to set the policy agenda, review fiscal performance, and discussed structural reforms needed to support Liberia’s economic stability.
