First installment of approved US$ 213.6 million
The International Monetary Fund has disbursed to the Government of Liberia US$23.4 million, representing the first tranche of the Fund's support which was agreed with Liberia earlier this month under an IMF External Credit Facility, the Ministry of Information, Cultural Affairs and Tourism (MICAT) has announced.
According to the MICAT release, the payment, which has since been received by the government, demonstrates that Liberia has met prerequisite triggers and benchmarks, and is on course to meeting other conditions upon which further disbursements are based.
It can be recalled that on December 11, IMF's Executive Board announced the approval of a four-year arrangement under the ECF for Liberia in an amount equivalent to US$213.6 million, which the IMF said is intended to "help the country restore macroeconomic stability, provide a foundation for sustainable growth, and address weaknesses in governance".
At the time of the approval, the IMF Board praised ongoing reform policies of the Weah-led government.
Finance Minister Samuel Tweah has welcomed the latest development and assured that the government will continue exerting every effort to ensure that it meets all the stipulations of the program in an effort to revive the country's ailing economy.