Liberia: Staff Report for the 2002 Article IV Consultation, Overdue Financial Obligations to the Fund—Review Following Declaration of Ineligibility, and Decision on Suspension of Voting and Related Rights
IMF Staff Country Reports, September 3, 2003
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- Liberia: Staff Report for the 2002 Article IV Consultation, Overdue Financial Obligations to the Fund—Review Following Declaration of Ineligibility, and Decision on Suspension of Voting and Related Rights
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Bibliographic details
- Published: September 3, 2003
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451822809.002
Background and situation
- The civil war in Liberia has resulted in the destruction of most of its infrastructure.
- Executive Directors noted:
- weak revenue performance,
- lack of progress on fiscal transparency and accountability,
- poor control and prioritization of government spending.
- Emphasis placed on the need to:
- address governance,
- accelerate structural reforms,
- increase revenue,
- improve fiscal transparency.
Findings and implications
- The combination of weak revenue, poor fiscal controls, and limited progress on transparency led Executive Directors to conclude that Liberia’s policy and fiscal trends were inadequate to meet Fund expectations.
- As a result of these assessments, Executive Directors agreed that the procedure to suspend Liberia's voting and related rights in the IMF should be initiated.
Decision on suspension of voting and related rights
- Executive Directors agreed to initiate the procedure to suspend Liberia's voting and related rights in the IMF.