Monrovia, Liberia – The International Monetary Fund Management and Executive Board have approved a 40-month Extended Credit Facility (ECF) arrangement in the tone of US$209 Million for Liberia. The IMF’s Management and Executive Board made the approval at a Board meeting on Wednesday, September 25, 2024.
Commenting on the decision taken by the IMF Board, Minister of Finance and Development Planning Augustine Kpehe Ngafuan expressed excitement over the approval by the board. He described the accomplishment as a historic turning point in guaranteeing Liberia follows a sustainable and fiscally responsible growth path. Furthermore observed by him is the demonstration of trust in the cooperation between Liberia and the IMF shown by the decision of the Board.
Minister Ngafuan said that this success comes from an all-of-government initiative mostly under direction of President Boakai. The Minister of Finance and Development Planning praised President Joseph Nyumah Boakai for his outstanding leadership quality and dedication over the whole process.
He also praised the National Legislature, the Central Bank of Liberia, his Ministry of Finance and Development Planning team, the Liberia Revenue Authority, and other government players for their various contributions to bring the programme to life.
It can be recalled that on August 26, 2024, the International Monetary Fund staff and the Liberian authorities reached a staff-level agreement on a comprehensive set of policies to support the Extended Credit Facility (ECF).
