Liberia: First Review Under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Liberia
IMF Staff Country Reports, February 19, 2025
Source details
- Canonical URL
- Liberia: First Review Under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Liberia
Other formats
Bibliographic details
- Published: February 19, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229001281.002
Overview
- Presents Liberia’s First Review under the Extended Credit Facility (ECF) Arrangement and Request for a Waiver of Nonobservance of a Performance Criterion.
- The ECF arrangement is expected to support the economic reform agenda recently adopted by the authorities.
- Authorities committed to: creating fiscal space through domestic revenue mobilization and expenditure rationalization, addressing financial sector weaknesses, and tackling governance shortcomings.
Program performance and key findings
- Program performance has been "broadly satisfactory," meeting most of the quantitative targets and implementing all structural reforms, although some with delays.
- Recent progress highlighted:
- Mobilizing tax revenues.
- Reining in recurrent spending.
- Anchoring financial stability.
- Broader governance reforms identified as "key to the success of the program and the country’s long-term development prospects."
Governance priorities and recommendations
- Strengthen the capacity of integrity institutions.
- Enact necessary amendments to anti-corruption legislation.
- Rigorously enforce public laws and regulations.
- Note: Broader governance reforms are essential for program success and long-term development.
Financial sector priorities
- Address banking sector vulnerabilities by:
- Strengthening banking sector supervision.
- Enhancing the regulatory framework.
- Financial sector measures are part of the authorities’ commitments under the program.
Structural reforms and conditionality
- All structural reforms in the program have been implemented, with some implemented after delays.
- The staff report includes a request for a waiver of nonobservance of a performance criterion.
Subject focus and keywords
- Subject areas: Budget planning and preparation, Credit, External debt, Money, Public debt, Public financial management (PFM), Revenue administration.
- Keywords include: Africa, Budget planning and preparation, budget proposal, CBL liquidity management operation, Credit, Global, governance reform, governance shortcoming, IMF's transparency policy, Liberian authorities, Policy discussion, reform agenda, West Africa.
International Monetary Fund. Liberia: First Review Under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Liberia (February 19, 2025).
Content in this bundle
- 1lbrea2025001-print-pdf