Liberia-By extending a 40-month Extended Credit Facility (ECF) to Liberia which enabled the approval of US$209 Million for the country by IMF’s Board and Management, the institution has resurrected and elevated the country’s hope of addressing critical structural issues.
The country is facing litany of problems that has crippled the government ability to fully take care of domestic issues; thus the IMF intervention could not have come at the most important time.
Administration officials, including Finance and Development Planning Minister, Augustine Ngarfuan have expressed delight and elation at the Institution’s overture toward Liberia.
IMF through its Executive Board, Wednesday, announced the approval of a 40-month Extended Credit Facility (ECF) arrangement in the tone of US$209 Million for Liberia.
The decision followed high-level discussions between Liberian government officials through the Central Bank of Liberia and Ministry of Finance and Development Planning, for which new Minister Augustine KpeheNgafuan expressed elation and termed it as a monumental step in ensuring that Liberia threads the path of fiscally responsible and sustainable development.
Such a relief coming few days after his ascendancy to the position, the second time he is being considered, he also characterized it as an expression of confidence in the partnership between Liberia and the IMF.
This achievement, Minister Ngafuan said, is a result of an all-of-government effort ably led by President Boakai.
According to the Minister, President Joseph NyumahBoakai played an exemplary leadership role and commitment throughout the process.
He also lauded the National Legislature, the Central Bank of Liberia, his team at the Ministry of Finance and Development Planning, the Liberia Revenue Authority and other government stakeholders for their respective roles in making the program a reality.
It can be recalled that on August 26, 2024, the International Monetary Fund staff and the Liberian authorities reached a staff-level agreement on a comprehensive set of policies.
