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Liberian Gov., IMF reached new agreement…

Jarp Davies /Maximilian Kasseh, Jr.

MONROVIA, LIBERIA-The Liberian Authorities and staff of the International Monetary Fund (IMF) have reached a staff-level agreement on a new program for Liberia.

Key objectives of the program are to restore the Country’s macroeconomic stability, provide a fiscally sustainable, inclusive growth and address weakness in governance.
An IMF Statement release Wednesday, October 30, 2019 says one of the key elements of the program is the implementation of a 2020 Budget that constrains expenditure to available resources.

It will also avoid inflationary and reserve-depleting borrowing from the Central Bank of Liberia.

The agreement was reached following the IMF Negotiating Team in Liberia in June and September this year and most recently during the IMF Annual Meetings in Washington, D.C.

At the same time the IMF Staff has welcomed the Liberian Authorities’ determination to restructure the Country’s Wage Bill.

The statement said the move is a key policy reform needed to free up fiscal space and make a credible and viable budget while also increasing transparency, accountability and equity.

It says all three branches of Government participated in the Wage Bill restructuring process that yielded a progressive outcome.

The Statement disclosed that the burden accepted by the higher paid employees, with the poorest benefiting from salary increase, including amongst teachers, health workers and the security forces.

The IMF Staff Team lauded the Liberian Authorities for excellent cooperation it received, and for the candid and constructive discussions that facilitated a productive exchange of views.

 


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