IMF Staff Completes Mission to Liberia

IMF News, July 5, 2024

Source details

Press Release No. 24/261
Mission dates: June 24 – July 5, 2024
Purpose: Discuss with the Liberian authorities a new Extended Credit Facility (ECF) arrangement to support the new administration’s implementation of an ambitious reform agenda.
Mission leader: Mr. Daehaeng Kim, Mission Chief for Liberia
Next steps: Discussions will continue in the coming days to finalize the staff-level agreement, aiming to bring Liberia’s request for the new IMF-supported program to the IMF’s Executive Board in September 2024.

The authorities’ efforts to tackle immediate policy challenges and restore policy credibility are proceeding well.
Fiscal: Authorities have streamlined recurrent public spending and enhanced revenue management, which have significantly reduced the fiscal deficit in the first five months of 2024.
Monetary and external sector:
- Current prudent monetary policy stance has contributed to a gradual decrease in inflation to single digits.
- Monetary policy stance has contributed to a stable exchange rate.
Policy priorities welcomed by the IMF team:
- Restoring fiscal sustainability
- Rebuilding external reserves
- Revitalizing a reform agenda to tackle issues related to governance and corruption

Consensus achieved on:
- Primary goals of a new IMF-supported program
- Most of the key policies to underpin the program
Outstanding items:
- A few policy issues require additional discussions before finalizing a staff-level agreement.

IMF Staff Completes Mission to Liberia — July 5, 2024