IMF Expends $23.4 Million to Liberia as a Primary Tranche of IMF’s External Credit Facility
By Abdul Rahman Suagibu –
NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone- LIBERIA, first installment of approved US$ 213.6 million. International Monetary Fund has paid from there treasury to the Government of Liberia $23.4 million, punctuating the first installment of confirmed $ 213.6 million of the Fund’s support which was agreed with Liberia in December of 2019 subject to IMF External Credit Facility.
In line with the Ministry of Information, Cultural Affairs and Tourism (MICAT), the payment which has since been received by the government, indicates that Liberia has met prior conditions and standards. And is on course to meeting other conditions upon which further disbursements are based.
Withcall on11 December, 2019; IMF’s Executive Board disclosed the ratification of a four-year arrangement under the Externa Credit Facility ( ECF) for Liberia in an amount equivalent to $213.6 million, which the IMF said minted to “help the country restore macroeconomic stability, provide a foundation for sustainable growth, and address weaknesses in governance”.
In time of approval, the IMF Board praised ongoing reform policies of the Weah-led government.
Finance Minister Samuel Tweah has welcomed the latest development and assured that the government will continue applying every effort to ensure that, it meets all the stipulations of the program in an effort to rejuvenate the country’s unwell economy.
For New Africa Business News Abdul Rahman Suagibu Reports, Africa Correspondent