Liberia to get $10.2 million IMF disbursement under ECF arrangement

With the completion of a fourth review by members of the International Monetary Fund's Executive Board (IMF), Liberia will receive a disbursement of $10.2 million, the board said recently.

This will bring the total for the West African nation's IMF disbursements to just over $95 million. The original Extended Credit Facility (ECF) arrangement was approved in 2012. The latest disbursement includes augmentations for the nation's Ebola outbreak, which also led to the board extending the arrangement until the end of 2016.

“Liberia has largely overcome the Ebola epidemic, thanks to decisive policy actions, unprecedented international support and strong community engagement," David Lipton, the board's first deputy managing director and acting chairman. "However, the sharp decline in global commodity prices is holding back the economic recovery."

Lipton said IMF benchmark shortfalls in Liberia were attributable to Ebola and "policy slippages."

“A still-challenging economic situation underscores the importance of strong program implementation in the period ahead to sustain macroeconomic stability, improve policy credibility and secure additional donor financing," Lipton said.

Lipton said Liberia's economy should continue to recover through 2016, but that officials should be conservative about borrowing.