IMF Concludes Successful Mission to Liberia on Extended Credit Facility Program Review

Monrovia, Liberia: The International Monetary Fund (IMF) has completed a two-week mission to Liberia, reviewing critical issues related to the country’s Extended Credit Facility (ECF) program. The mission, which focused on assessing the progress made since the approval of the ECF in September, was marked by productive engagements between the IMF team and the Liberian government.

Finance and Development Planning Minister Honorable Augustine Kpehe Ngafuan expressed satisfaction with the mission's outcome, highlighting the fruitful discussions and long meetings that took place. “We are pleased with the productive engagement we’ve had with the IMF team. The IMF has been a steadfast partner in Liberia’s journey from recovery to development.”

Minister Ngafuan said that on September 25^th this year, the IMF Board approved Liberia’s request for the ECF, a decision made possible by the hard work of both the government team and the IMF, under the leadership of Mr. Kim. He expressed gratitude for the guidance and support the teams continue to receive from the President, His Excellency Joseph Nyuma Boakai.

Minister Ngafuan emphasized that while there are still some challenges to address, the government is confident that any obstacles can be overcome through continued partnership. “There may be challenges ahead, but in the spirit of partnership, there is no hill too steep to climb,” he added.

Hon. Henry F. Saamoi, Acting Executive Governor of the Central Bank of Liberia (CBL), also reaffirmed the government's commitment to addressing the issues identified during the mission. He emphasized the importance of collaboration between Liberia’s monetary and fiscal authorities in driving the country’s development. “As heads of the monetary and fiscal authorities of Liberia, we are fully committed to addressing all of the issues raised and ensuring that the government’s goals are realized. We are dedicated to following best practices in all aspects of our work and will not deviate from the objectives outlined in the government’s development agenda,” Acting Governor Saamoi said.

For his part, the IMF Head of Mission to Liberia, Daehaeng Kim DK, praised the strong cooperation and hospitality of the Liberian government throughout the mission. “We are impressed by the robust economic activity, the ongoing stability of the exchange rate and prices, and the strong fiscal performance Liberia has achieved,” Mr. Kim remarked. “The Liberian authorities remain steadfast in their commitment to the economic reforms supported by the ECF.