Monrovia – The International Monetary Fund (IMF) Executive Board has approved an immediate disbursement of US$26.5 million, equivalent to about 19.3 million in Special Drawing Rights (SDR), to Liberia. The decision, announced on Wednesday, October 1, 2025, follows the completion of the Article IV Consultation and the successful second review of Liberia’s Extended Credit Facility (ECF) program.
The 40-month ECF arrangement, approved by the IMF on September 25, 2024, aims to strengthen Liberia’s macroeconomic stability by supporting the Central Bank’s reserves and promoting fiscal discipline. With the latest release, total disbursements under the ECF program now stand at US$79.4 million, or SDR 57.9 million.
Mr. Bo Li, Acting Chair and Deputy Managing Director of the IMF, highlighted Liberia’s progress under the program. He noted that measures to reduce the fiscal deficit, mitigate debt vulnerabilities, and bolster foreign exchange reserves have delivered promising results. Swift adjustments to counter the sudden reduction of large grant support—through rationalizing low-priority expenditures and mobilizing domestic revenues—have also protected critical social programs previously funded by USAID.
IMF Executive Directors commended Liberia for maintaining a prudent fiscal stance despite reduced foreign aid. They welcomed the government’s forward-looking strategy to increase tax revenues, rebuild fiscal space, and safeguard debt sustainability. Directors emphasized the ongoing importance of fiscal reforms, including improving public spending efficiency, enhancing investment management, and mobilizing donor support to address infrastructure gaps.
In response to the IMF’s decision, Liberia’s Finance and Development Planning Minister Augustine Kpehe Ngafuan described the disbursement as a “vote of confidence” in Liberia’s economic management amid declining overseas development assistance. He noted that the successful review positions Liberia to potentially access additional support in 2026 under the IMF’s Resilience Sustainability Facility (RSF), aimed at strengthening resilience against climate-related vulnerabilities.
Minister Ngafuan also praised the coordination between the Central Bank of Liberia, led by Governor Henry F. Saamoi, and fiscal authorities under President Joseph Nyuma Boakai’s guidance. He reiterated the government’s commitment to advancing economic growth, mobilizing resources, and achieving the targets set under the ARREST Agenda for Inclusive Development (AAID).
The ECF program approved a total of approximately US$223 million (SDR 155 million) for Liberia, to be disbursed in tranches over 40 months, contingent on successful reviews of Liberia’s performance under the arrangement.
