## Liberia: Enhanced Initiative for Heavily Indebted Poor Countries-Completion Point Document and Multilateral Debt Relief Initiative

_IMF Staff Country Reports, July 6, 2010_

## Source details

**Canonical URL:** [Liberia: Enhanced Initiative for Heavily Indebted Poor Countries-Completion Point Document and Multilateral Debt Relief Initiative](https://www.imf.org/en/publications/cr/issues/2016/12/31/liberia-enhanced-initiative-for-heavily-indebted-poor-countries-completion-point-document-24015)

## Other formats

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## Bibliographic details
- Published: July 6, 2010
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455202447.002

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### Summary
- The Liberia Poverty Reduction Strategy (LPRS) was completed in March 2008.
- Since reaching the decision point in March 2008, Liberia has maintained macroeconomic stability.
- The global financial crisis adversely impacted Liberia shortly after the LPRS was released: investments were postponed, and export revenues were sharply reduced in the rubber sector as external demand weakened.
- The authorities’ strict adherence to a cash-based balanced budget, in place since February 2006, has contributed substantially to regaining fiscal discipline, putting debt on a downward path while also increasing pro-poor expenditures.

### Key findings and analysis
- Macroeconomic stability maintained since the decision point in March 2008.
- External shock: global financial crisis led to postponed investments and sharply reduced rubber export revenues.
- Fiscal policy: cash-based balanced budget in place since February 2006 was central to regaining fiscal discipline.
- Debt trajectory: fiscal discipline has contributed to placing debt on a downward path.
- Social spending: fiscal consolidation accompanied by increases in pro-poor expenditures.

### Subjects and keywords
- Subjects:
  - Asset and liability management
  - Debt management
  - Debt relief
  - Debt service
  - External debt
  - Financial institutions
  - Government debt management
  - Public financial management (PFM)
  - Stocks
- Keywords:
  - CR
  - debt forgiveness
  - Debt management
  - Debt relief
  - Debt service
  - exchange rate
  - Global
  - Government debt management
  - HIPC assistance
  - ISCR
  - Liberian authorities
  - PFM reform agenda
  - present value
  - Stocks
  - Sub-Saharan Africa

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## Content in this bundle

- **_cr10192 - Executive Summary**
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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/liberia-enhanced-initiative-for-heavily-indebted-poor-countries-completion-point-document-24015_