The International Monetary Fund Executive Board has approved $23.64 million for Liberia under the fund’s extended credit facility.
The completion of the third review under the Extended Credit Facility (ECF) enables an immediate disbursement of the funds.
The IMF also projected that economic growth in Liberia has rebound sharply this year and will continue in 2022 following contractions last year due to the pandemic.
Liberia’s share of the IMF’s allocation of Special Drawing Rights to its membership in August 2021 will be used to strengthen Liberia’s international reserve position and to help finance its vaccination program and public investment projects.
The four-year ECF arrangement, with a total access of Special Drawing Rights 155 million (60 percent of quota or about US$214.30 million) was approved by the IMF Executive Board on December 11, 2019.
Completion of the third review enables the immediate disbursement of SDR 17 million (US$23.64 million), bringing total disbursements under the arrangement to SDR 68 million (US$94.8 million).
On August 23, 2021, Liberia received SDR 247.7 million (US$345.3 million) in the context of the general SDR allocation to the IMF’s membership.
