IMF Disburses Over US$23m To Liberia
The International Monetary Fund (IMF) has disbursed US$23.4 million to the Government of Liberia, representing the first tranche of the Fund’s support program agreed to with Liberia earlier this month under an IMF External Credit Facility (ECF).It can be recalled that on December 11, that the IMF’s Executive Board announced the approval of a four-year arrangement under the ECF for Liberia in the tone of US$213.6 million, which the IMF said is intended to “help the country restore macroeconomic stability, provide a foundation for sustainable growth, and address weaknesses in governance.”
The payment, which was disclosed through an official press statement released by the Minister of Information, Lenn Eugene Nagbe, on Saturday indicated that the Government of Liberia has already received said amount.
The Information Minister emphasized that such disbursement demonstrates that Liberia has met prerequisite triggers and benchmarks, and is on course to meeting other conditions upon which further disbursements are based.
Also, Minister Nagbe revealed that the IMF Board during the approval of the US$213.6 million extolled the reform policy that is currently ongoing under the Weah- led government.
Meanwhile, the Minister of Finance and Development Planning, Samuel Tweah, has welcomed the latest development and assured that the government will continue exerting every effort to ensure that it meets all the stipulations of the program in an effort to revive the country’s ailing economy.
The move by the Government of Liberia to institute monetary reform policies recommended by the IMF has been tipped by many financial experts in and out of Liberia as the turning point in the Liberian economy.