Liberia: International Monetary Fund (IMF) Reaches Staff-Level Agreement on a New 40-Month Extended Credit Facility Arrangement

International Monetary Fund staff and the Liberian authorities reached a staff-level agreement on a comprehensive set of policy priorities to support a new 40-month Extended Credit Facility (ECF) arrangement. The SDR 155 million arrangement is subject to approval by the IMF Executive Board. The board discussion is scheduled for September 25; The ECF would support the authorities’ implementation of key policies, including restoring fiscal sustainability, rebuilding external reserves, ensuring financial sector stability, and revitalizing a reform agenda to tackle governance and corruption issues.

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 of the country’s quota). 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.

Distributed by APO Group on behalf of International Monetary Fund (IMF).