Monrovia, Liberia - Liberia’s Acting Minister of Finance and Development Planning Hon. Anthony G. Myers has disclosed that the International Monetary Fund Staff and the Liberian authorities have reached a staff-level agreement on a comprehensive set of policy priorities to support a new 40-month Extended Credit Facility (ECF) arrangement.
The agreement worth SDR155 million (or US$209 million) arrangement is subject to approval by the IMF Executive Board. SDR or special drawing rights is the unit of value for IMF funds available to member countries to address various financing gaps, including deficits in the capital or balance-of-payments account. The board discussion is scheduled for September 25.
He added that the arrangement, pending approval by the IMF's Executive Board, is a statement of confidence in the current Joseph Nyma Boakai administration determination to undertake reforms in the public financial management sector. This, according to Min. Myers, includes restoring fiscal sustainability, rebuilding external reserves, ensuring financial sector stability, and revitalizing a reform agenda to tackle governance and corruption issues.
Minister Myers further outlined some key benefits of the ECF to Liberia. These benefits, among others, include setting financial policy framework that facilitates the actualization of the ARREST Agenda and the return to fiscal sustainability. Other benefits are increase in Liberia’s allocations in other financing sources such as the International Development Association, African Development Fund, International Finance Corporation, etc.
The Acting Finance Minister was speaking on Tuesday, August 27th at the weekly press briefings organized by the Ministry of Information Cultural Affairs and Tourism (MICAT).