-As World Bank lift suspension
The World Bank has lifted the suspension imposed on Liberia which prevented the West African nation access to unwithdrawn loans.
Liberia's right to withdraw from the Disbursing Loans and specific Trust Fund grants was temporarily halted until the debt to the Bank was serviced.
"In reference to the notice issued by the International Development Association ("World Bank") to the Republic of Liberia ("Member Country") dated November 15, 2023, suspending withdrawals under the Suspended Loans referred to in said notice, we are pleased to inform you that the World Bank has received all the overdue payments referred to in the suspension notice and all other payments owed by the Member Country that have fallen due since the Suspension Date referred to in said notice. The Member Country is therefore now current on all payments owed by them to the Bank under the Suspended Loans. Consequently, the suspension of withdrawals under the Suspended Loans has been lifted as of November 24, 2023," the World Bank said in its notice lifting Liberia's suspension.
It could be recalled that on November 15, the International Development Association "World Bank" issued a notice suspending the George Weah administration denying it access to with withdrawal of loans due to delay in servicing its debt obligation.
The decision to suspend access was conveyed in a letter on November 15 to Liberia's Finance Minister Samuel Tweah, from the Vice-President of the Western and Central Africa region at the World Bank, Ousmane Diagana.
But the Weah administration succeeded in settling its obligation, something that would have serve as a roadblock for the incoming Boakai administration in gaining access to unwithdrawn loans.
How long Liberia was suspended?
The World Bank suspended Liberia's access to "unwithdrawn loans" was for 60 days, but the Weah administration was able to react promptly to avoid further damages to its image.
What does the World Bank suspension means?
The External Debt Service Suspension introduces a suspension of servicing of all affected external public debts, for an interim period pending an orderly and consensual restructuring of those obligations, in a manner consistent with an economic adjustment program supported by the International Monetary Fund (IMF).
