Liberia’s economy grew by 5.1 percent in 2025, according to the International Monetary Fund (IMF). This confirmation follows the conclusion of discussions for the Third Review of Liberia’s Extended Credit Facility (ECF) Arrangement.
An IMF team led by Daehaeng Kim visited Monrovia from January 7 to 20, 2026. The team reached a staff-level agreement with the Liberian government on the third review of its economic reform program under the ECF. The arrangement was approved by the IMF Executive Board on September 25, 2024, and allows access to Special Drawing Rights (SDR) worth about US$210 million over forty months.
The IMF noted that Liberia’s macroeconomic stability has continued to improve, citing robust economic activity, lower inflation rates, and a stable exchange rate. Program performance since the previous review was described as relatively strong.
At the end of the mission, Mr. Kim stated: “Liberia’s economic and financial reforms continue to progress, supported by favorable macroeconomic outcomes. Real GDP growth is estimated at 5.1 percent in 2025, up from 4.0 percent in 2024, driven by strong mining activity and moderate expansion in the agriculture and services sectors. Inflation declined significantly, averaging 4.4 percent in the fourth quarter of 2025, compared to 12.5 percent in the first quarter, while the exchange rate remained broadly stable.”
The IMF also reported: “Fiscal performance has strengthened, with the primary fiscal surplus, excluding grants, improving from 1.3 percent of GDP in 2024 to 1.4 percent in 2025, exceeding the program target of 1.1 percent of GDP.”
According to IMF officials, maintaining reform momentum will be key for Liberia’s continued stability and development goals. They stressed that prudent fiscal policies and improvements in revenue collection and public financial management are necessary for consolidating gains made so far.
During their visit to Monrovia, IMF representatives held consultations with President Joseph N. Boakai; members of Liberia’s National Legislature; Minister of Finance and Development Planning Augustine Kpehe Ngafuan; Central Bank Executive Governor Henry F. Saamoi; senior government officials; and development partners.