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IMF completes Liberias credit worthiness review

By Nathan Charles
A scene at the IMF Executive Board meeting
A scene at the IMF Executive Board meeting

(mylbsonline.com/Liberia/Dec.16/2013) The International Monetary Fund (IMF) Executive Board has completed the second review of Liberia’s eligibility for credit consideration.

The second review is under the 3-year arrangement of the Extended Credit Facility (ECF) for Liberia.

The review’s completion enables the disbursement of more than US$11m, thus bringing the total disbursements under the arrangement to US$34.2m.

Upon the completion of the review, the Board approved the waver for the non-observance of the performance criteria on the floor on revenue collection of the Central Government, the ceiling on the Central Bank of Liberia (CBL)’s gross direct credit to the government, and the floor on foreign reserves of the CBL.

The Board also approved the authorities’ requests for modification of end-December 2013 and end-June 2014 performance criterion on the ceiling on new domestic borrowing of the Central Government.

The ECF arrangement for Liberia is about US$79.7m and was approved by the IMF’s Executive Board on November 19, 2012.

Following the IMF Executive Board’s discussion, the Board’s Acting Chair, Naoyuki Shinohara, said: “Liberia’s economic growth remains strong and the medium-term outlook is positive.”

According to Mr. Shinohara, the current position of Liberia will remain constant, provided new projects in the mining and plantation sectors come on stream.

He is also serving as the current Deputy Managing Director of the International Monetary Fund.

 


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