Liberia's Finance and Development Planning Minister Boima S. Kamara has told a visiting International Monetary Fund (IMF) delegation of his country's readiness to work with the global financial body.
Minister Kamara hosted the IMF delegation at his office in Monrovia on Monday, June 24, 2024, and reaffirmed Liberia's readiness to work alongside the IMF to help rebuild the country in whatever way necessary.
The mission of the IMF delegation to Monrovia is to assess the possibility of providing financial support under the Extended Credit Facility (ECF).
Speaking at the start of a brief meeting, Minister Boima S. Kamara expressed the government's deep gratitude for the ongoing partnership with the IMF.
According to Minister Kamara, the collaboration remains a cornerstone for the country's economic stability and development.
He further emphasized the critical nature of restoring the ECF program with the IMF.
"Reinstating the ECF program is crucial for Liberia's economic health. It influences not only our engagements with the IMF but also impacts our interactions with other international partners, including the World Bank and the European Union," Minister Kamara said.
Furthermore, he disclosed that it affects budgetary support and critical infrastructure funding from USAID.
"Ensuring prudent fiscal management is essential for maintaining and enhancing these vital relationships," the Minister averred.
The Liberian government assured the IMF Mission of its dedication to a successful review and continuation of the ECF program.
"Our team has been actively collaborating with the Central Bank of Liberia (CBL) and commercial banks to address the prior actions discussed in earlier meetings," the Minister underscored.
To meet the IMF's requirements and demonstrate the country's commitment to compliance, Minister Kamara said the government has instituted several key measures.
The measures include the establishment of a Liquidity Working Group, a Cash Management Committee, a Tax Expenditure Report, and Administrative Regulations.
He also cited a Debt Management Committee, a Medium-Term Debt Strategy, Annual Borrowing Plans, a Budget Sector Working Group, an Ongoing Payroll Update, Headcounts, and a Value Added Tax (VAT).
Minister Kamara indicated that Liberia remains open and responsive to the IMF assessment mission and is prepared to meet the necessary actions for the Board's approval and to get the country back on track.
The chief of the IMF delegation to Liberia Mr. Daehaeng Kim DK said he is excited to be in Liberia as part of the assessment of the ECF for the country.
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The IMF delegation recently landed in Liberia and has begun a nine-day assessment tour of the country.
The delegation met with the senior management team at the Ministry of Finance and began its mission by evaluating the EFC and the country's new program under the current administration.
The delegation's assessment is expected to climax on July 5, 2024.
During their visit, they will collaborate with various entities, including the MFDP, the Central Bank of Liberia (CBL), local banks, the Civil Service Agency (CSA), the Legislature, and the Office of the President.
