The International Monetary Fund (IMF) has approved a 40-month Extended Credit Facility (ECF) arrangement worth US$209 million for Liberia. The decision was made during a Board meeting held on Wednesday, September 25, 2024.
Finance and Development Planning Minister Augustine Kpehe Ngafuan expressed his enthusiasm following the approval, calling it a significant milestone for Liberia. He emphasized that the arrangement will help guide Liberia toward fiscally responsible and sustainable development, describing the IMF’s decision as a vote of confidence in the country’s partnership with the organization.
“This achievement is a result of a collective effort across the government, led by President Boakai,” Minister Ngafuan stated. He extended his gratitude to President Joseph Nyumah Boakai for his leadership and commitment throughout the negotiations, which he said played a key role in securing the facility.
Ngafuan also praised the National Legislature, the Central Bank of Liberia, the Ministry of Finance and Development Planning, the Liberia Revenue Authority, and other stakeholders for their contributions in making this program a reality.
The approval comes after the IMF and Liberian authorities reached a staff-level agreement on August 26, 2024, which laid the groundwork for the credit facility. The funds are expected to support economic reforms and ensure Liberia’s continued growth on a stable and sustainable path.
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