Liberia: IMF Highlights Key Policies On How Liberia Reforming Its Economy

22 December 2020
The NEWS (Monrovia)

Mika Saito of the International Monetary Fund (IMF) African Department has highlighted four things to know how Liberia is reforming its economy amid the COVID-19 crisis. In an article, she said the COVID-19 pandemic hit Liberia at a time of pre-existing fragility.

"The country held elections in 2017, leading to the first democratic transition of power between different political parties since 1944. Following the inauguration of the new administration in 2018, the United Nations Mission in Liberia, which had been in the country since the peace agreement of 2003, handed over its security responsibilities to the national police and military. These transitions coincided with the winding down of increased foreign aid after the 2014-16 Ebola outbreak. These events caused a sharp decline in net foreign exchange inflows to the country. This in turn heightened pressure on the Liberian dollar exchange rate and on inflation. To stabilize the economy, the authorities had to make difficult adjustments to an economy with less foreign exchange inflows, which created significant hardship for the Liberian people. The COVID-19 pandemic hit Liberia during this difficult adjustment phase," she stated.

...

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.