The International Monetary Fund Management and Executive Board have approved a 40-month Extended Credit Facility (ECF) arrangement in the tone of US$210 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 IMF Board’s decision, Finance and Development Planning Minister Augustine Kpehe Ngafuan expressed elation over the approval by the IMF’s Board. He termed the achievement as a monumental step in ensuring that Liberia threads the path of fiscally responsible and sustainable development.
The Finance Minister said the IMF Board’s decision is an expression of confidence in the partnership between Liberia and the IMF. The achievement, Minister Ngafuan said, is a result of an all-of-government effort ably led by President Joseph N. Boakai, thanking the President for his exemplary leadership role and commitment throughout the process.
He said the National Legislature, the Central Bank of Liberia, his team at the Ministry of Finance and Development Planning, the Liberia Revenue Authority and other government stakeholders played their respective roles in making the program a reality.
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).
