Liberia: Request for Disbursement under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Liberia

IMF Staff Country Reports, June 12, 2020

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Canonical URL: Liberia: Request for Disbursement under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Liberia

This paper presents Liberia’s Request for Disbursement Under the Rapid Credit Facility.
The economic impact of the pandemic is hitting the poorest with little social safety net, and food security of those relying on uncertain daily income is a pressing concern.
Authorities have taken revenue and expenditure measures to support emergency food aid for the poor; improved monitoring and control of spending; and safeguarded scarce foreign exchange reserves.
Preliminary data suggest that performance under the Extended Credit Facility-supported program has been weak, though the authorities are fully committed to address the weaknesses.
To address the shortage of Liberian dollars and the growing need for more US dollar liquidity, the authorities have contracted the printing of additional Liberian dollar bank notes and are formulating measures for inclusion in the FY2021 budget to augment US dollar liquidity.

The poorest are disproportionately affected by the pandemic due to limited social safety nets.
Food security is a pressing concern for households relying on uncertain daily income.
Performance under the Extended Credit Facility-supported program has been weak based on preliminary data.

Revenue and expenditure measures to support emergency food aid for the poor.
Improved monitoring and control of spending.
Safeguarding scarce foreign exchange reserves.
Contracted the printing of additional Liberian dollar bank notes.
Formulating measures for inclusion in the FY2021 budget to augment US dollar liquidity.

Preliminary data indicate weak performance under the Extended Credit Facility-supported program.
Authorities express full commitment to address program weaknesses.

Subject: COVID-19, External debt, Financial institutions, Health, Loans, Public and publicly-guaranteed external debt, Public debt
Keywords: authority, COVID-19, CR, development expenditure, emergency food aid program, Global, IMF lending tracker, ISCR, Loans, Public and publicly-guaranteed external debt, reform agenda, response plan, revenue shortfall, Sub-Saharan Africa, U.S. dollar liquidity