The Management and Executive Board of the International Monetary Fund (IMF) have approved a 40-month Extended Credit Facility (ECF) arrangement of US$209 million for Liberia. The approval of the ECF funds was made at a Board meeting on Wednesday, September 25, 2024.
An excited Finance and Development Planning Minister, Augustine Kpehe Ngafuan, termed the achievement as a monumental step in ensuring that Liberia threads the path of fiscally responsible and sustainable development.
Ngafuan also noted that the IMF Board's decision is an expression of confidence in the partnership between Liberia and the global financial institution.
He, however, attributed the achievement to "an all-of-government effort ably led by President Boakai."
The Finance Minister lauded President Joseph Nyumah Boakai for his exemplary leadership role and commitment throughout the process.
He also lauded 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 for 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).
In a related development, Minister Ngafuan also received in the audience IMF's Representative to Liberia, Joel C. Okwnekei.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
Paying a courtesy call on Tuesday at the Ministry, Okwnekei expressed his pleasure in working with the team of the Ministry in instituting reforms that will spur growth.
"The IMF is pleased to partner with Liberia instituting reforms to confront challenges facing the country", said Okwnekei, adding that these reforms are significant to Liberia being included in the Extended Credit Facility (ECF) program of the IMF.
"The IMF is grateful for all of the collaborations with the MFDP." The IMF Country Representative said that after the Fund's Annual Meetings, scheduled to take place in Washington DC from October 21 to October 26, will be followed by a Mission visit to Liberia from November 16-19, 2024.
Responding to the IMF Representative, Minister Ngafuan acknowledged the IMF for being a partner over the years that continues to finance and deliver impactful development projects across the country.
He urged the new IMF Country Representative to build relationships with key stakeholders in the country.
Minister Ngafuan wants the IMF to support capacity building programs for staff of the Ministry of Finance and Development Planning and improve national development and growth across all sectors of the economy.
