IMF Staff Country Reports

Liberia: Request for a 40-Month Arrangement Under the Extended Credit Facility-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Liberia

October 11, 2024

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International Monetary Fund. African Dept. "Liberia: Request for a 40-Month Arrangement Under the Extended Credit Facility-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Liberia", IMF Staff Country Reports 2024, 309 (2024), accessed December 21, 2024, https://doi.org/10.5089/9798400291852.002

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Summary

Liberia’s real per-capita income is still about a third of the level prior internal conflicts. Notwithstanding the strong economic rebound recorded after the pandemic, a large infrastructure gap has remained, and the expected domestic revenue mobilization has not materialized. These two factors have posed significant economic and fiscal challenges in the short and medium term. The implementation of the 2019-23 Fund-supported program was mixed, with a strong start followed by a disappointing performance ahead of the recent presidential elections. To address current and future challenges, fiscal discipline needs to be restored, governance vulnerabilities addressed, and the Central Bank of Liberia (CBL) governance, independence, and supervisory role strengthened. Therefore, scope for deviation from the established policy and reform agenda is very limited given the implications to debt sustainability and capacity to repay the Fund.

Subject: Budget planning and preparation, Central Banks, Debt service, Debt sustainability, Debt sustainability analysis, Expenditure, External debt, International reserves, Public debt, Public financial management (PFM), Revenue administration

Keywords: Budget planning and preparation, Credit, Debt service, Debt sustainability, Debt sustainability analysis, Government debt management, International reserves

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