Press Release No. 09/469

Press Release:IMF Executive Board Completes Third Review Under PRGF Arrangement for Liberia and Approves US$7 Million Disbursement

December 18, 2009

The Executive Board of the International Monetary Fund (IMF) today completed the third review under the Poverty Reduction and Growth Facility (PRGF) arrangement for Liberia. Completion of the review was on a lapse of time basis¹, and will enable the immediate release of SDR 4.44 million (about US$7 million) under the arrangement. This will bring total disbursements under the arrangement to SDR 225.7 million (about US$357 million).

In completing the review, the Executive Board granted Liberia a waiver for the non-observance of the performance criterion on total revenue collection at end-June 2009. The Executive Board also completed the financing assurances review.

The three-year PRGF arrangement was approved in March 2008 for an amount of SDR 239.02 million (about US$378 million; see Press Release No. 08/52).

PRGF-supported programs are based on country-owned poverty reduction strategies that are adopted in a participatory process involving civil society and development partners and articulated in the country's Poverty Reduction Strategy Paper. This is intended to ensure that PRGF-supported programs are consistent with a comprehensive framework for macroeconomic, structural, and social policies to foster growth and reduce poverty.

¹ The Executive Board takes decisions under its lapse of time procedure when the Board agrees that a proposal can be considered without convening formal discussions.