IMF Approves US$50.16M for Liberia

MONROVIA, Liberia, October 2, 2026 — The Executive Board of the International Monetary Fund (IMF) has approved the immediate disbursement of approximately US$50.16 million to Liberia following the completion of reviews of the country’s economic reform programs.

The decision follows the successful completion of the fourth review under Liberia’s 40-month Extended Credit Facility (ECF) arrangement and the first review under the 21-month Resilience and Sustainability Facility (RSF).

The latest financing comprises SDR 19.3 million, equivalent to approximately US$26.2 million, under the ECF and SDR 17.62 million, equivalent to about US$23.96 million, under the RSF.

The Government of Liberia welcomed the decision, saying the financing is not direct budget support and will largely strengthen the country’s international reserves at the Central Bank of Liberia in support of macroeconomic stability.

Following the IMF Executive Board discussion, Acting Chair and Deputy Managing Director Bo Li said Liberia had continued implementing sound economic policies despite heightened global risks.

According to Li, Liberia has made significant progress under both the ECF and RSF arrangements, while the country’s economic performance has remained satisfactory despite elevated and volatile global oil prices.

He said fiscal consolidation has continued, supported by strong revenue performance that has helped reduce debt vulnerabilities, while capital expenditure has accelerated.

The IMF official, however, stressed the need for further efforts to reduce unproductive spending and create additional fiscal space for priority infrastructure projects while maintaining fiscal discipline.

According to the IMF’s September 28, 2026 release, Liberia’s economy has remained resilient despite a challenging external environment.

Real Gross Domestic Product growth reached 5.1 percent in 2025 and is projected at 5.5 percent in 2026, driven largely by strong mining production as well as construction and manufacturing activity.

The Fund said inflation remains contained but warned that the economic outlook faces downside risks, including higher fuel prices, declining donor support, commodity-price volatility and climate-related shocks.

The IMF identified several priorities under the government’s reform program, including domestic revenue mobilization and the planned implementation of Value Added Tax in 2027.

Other priorities include prudent and transparent management of the one-off mining concession payment, completion of bank restructuring, addressing remaining financial-sector vulnerabilities, strengthening governance and fiscal transparency, and advancing climate-resilience reforms under the RSF.

Reacting to the decision, Finance and Development Planning Minister Augustine Kpehe Ngafuan described the IMF approval as a vote of confidence in Liberia’s reform trajectory.

“We are elated that our country has been approved to receive additional financing to support development and macroeconomic stability. Let me express our gratitude to the IMF for its excellent partnership. This is a vote of confidence in the visionary leadership of President Joseph Nyuma Boakai,” Ngafuan said.

He also thanked the Central Bank of Liberia, Liberia Revenue Authority and other government stakeholders for their roles in advancing the country’s economic reform program.

“We will make sure that there will be no reversals in the gains that have been made,” Ngafuan said.

Liberia’s 40-month ECF arrangement was approved by the IMF Executive Board on September 25, 2024, with total access of SDR 155 million. Following the latest approval, total disbursements under the arrangement have reached SDR 96.5 million, or approximately US$131.67 million.

The IMF approved Liberia’s RSF arrangement on April 27, 2026, providing total access of SDR 193.8 million, or approximately US$265 million, to support reforms aimed at strengthening the country’s resilience to climate-related shocks and addressing longer-term structural vulnerabilities.

The latest disbursement comes as Liberia continues efforts to strengthen domestic revenue collection, maintain macroeconomic stability and implement fiscal, financial-sector, governance and climate-related reforms.