Press Release: IMF Executive Board Completes Seventh Review Under ECF for Liberia and Approves US$6.9 Million Disbursement
December 5, 2011Press Release No. 11/442
December 5, 2011
The Executive Board of the International Monetary Fund (IMF) has completed the seventh review of Liberia’s economic program under the Extended Credit Facility (ECF). The completion of the review enables the disbursement of SDR 4.44 million (about US$6.9 million), which will bring total disbursements under the arrangement to SDR 243.5 million (about US$379 million). The Executive Board’s decision was taken on a lapse of time basis.1
The ECF arrangement for Liberia was initially approved in March 2008, for an amount of SDR 239.02 million (see Press Release No. 08/52). In June 2010, Liberia reached the Heavily Indebted Poor Countries (HIPC) Initiative Completion Point and received debt relief equivalent to more than 90 percent of debt outstanding. In June 2011, the IMF Executive Board approved an extension of the arrangement through March 31, 2012, and an augmentation of access of SDR 8.88 million (see Press Release No. 11/258).
1 The Executive Board takes decisions under its lapse of time procedures when it is agreed by the Board that a proposal can be considered without convening formal discussions.