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International Monetary Fund. African Dept.
This paper discusses Liberia’s Fourth Review Under the Extended Credit Facility (ECF) Arrangement and Requests for Waivers of Nonobservance of Performance Criteria (PC), Modification of PC, and Rephasing and Extension of the Arrangement. The end-June 2014 quantitative PC on government revenues and central bank net foreign exchange position, and one indicative target on net domestic assets were not met. Only three out of seven structural benchmarks for the fourth review were met. Based on the authorities’ corrective actions, the IMF staff supports completion of the delayed fourth ECF review, and the authorities’ request for an extension and re-phasing of the program to end-December 2016.
International Monetary Fund. African Dept.
This paper discusses Liberia’s Request for an Extension of the Arrangement Under the Extended Credit Facility (ECF). From mid-2014 to mid-2015, Liberia faced a serious Ebola virus disease crisis, which triggered the declaration of a state of emergency. End-June 2014 performance criteria (PCs) and indicative targets were met, except the revenue floor and the floor net foreign exchange position of the Central Bank of Liberia (CBL), and the ceiling on net domestic assets. The authorities are expected to request waivers for the missed PCs in light of corrective actions undertaken to improve revenue collection and strengthen the net foreign exchange position of the CBL. The IMF staff supports the authorities’ request to extend the ECF arrangement.
International Monetary Fund. African Dept.
This paper discusses Liberia’s Request for Disbursement Under the Rapid Credit Facility (RCF) and Debt Relief Under the Catastrophe Containment and Relief (CCR) Trust. Economic activity has declined significantly, and fiscal and external financing needs are more pronounced than envisaged at the time of the Extended Credit Facility (ECF) augmentation. The authorities remain committed to the broad objectives of the ECF program. The IMF staff recommends approval of the authorities’ requests for a disbursement under the RCF and debt relief under the CCR Trust given the extensive economic damage caused by the Ebola outbreak and based on the authorities’ updated policy intentions and commitments.