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IMF completes Liberia's credit worthiness

By Patrick Flomo
IMF HEadquarters in  USA, NewYork
IMF HEadquarters in USA, NewYork

(mylbsonline.com/Liberia)-The Executive Board of the International Monetary Fund (IMF) has completed the first review under a three-year arrangement under the Extended Credit Facility(ECF) for Liberia.

The review’s completion enables the disbursement of more than US$11m.

According to a release, this brings the total disbursements under the arrangement to over US$22m for Liberia.

In completing the review, the Board approved a waiver for the non-observance of the performance criterion on the ceiling of the Central Bank of Liberia’s gross direct credit to central government.

The extended credit facility (ECF) arrangement for Liberia for the equivalent of over US$78m was approved November, 2012 by the IMF’s Executive Board.

Following the Board’s discussion on Liberia, the Deputy Managing Director and Acting Chair of the IMF, Naoyuki Shinohara, said: “Liberia is experiencing strong economic growth, driven mainly by mining and rising activities in construction and services.”

“The Liberian Government has an ambitious medium-term development strategy, the agenda for transformation, focusing on scaling up strategic infrastructure investments, developing institutional and human resource capacities, deepening financial markets, and strengthening property rights. 

 


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