- IMF staff and Liberia authorities reached a staff-level agreement on the third review of the authorities' economic reform agenda, which is supported by the Extended Credit Facility (ECF) Arrangement.
- A staff-level agreement was also reached regarding Liberia's request for access to the Resilience and Sustainability Facility (RSF), aimed at addressing long-term vulnerability to climate-related shocks and enhancing pandemic preparedness.
- Macroeconomic stability continues to strengthen with robust economic activity, a significant drop in inflation, and stable exchange rate. Program performance since the second review has been relatively strong.
Washington, DC: An International Monetary Fund (IMF) team, led by Daehaeng Kim, visited Monrovia from January 7 to 20 to conduct discussions for the third review of Liberia's Extended Credit Facility (ECF) arrangement. The ECF was approved by the IMF Executive Board on September 25, 2024 , with total access of SDR 155 million (about US$ 210 million) over a 40-month period. The mission also discussed a new climate-focused program under the Resilience and Sustainability Facility (RSF), with total access of SDR 193.8 million (about US$ 265 million) for the period through end-2027. Consideration by the IMF Executive Board is tentatively scheduled for early March 2026.
At the conclusion of the discussions, Mr. Kim issued the following statement:
"IMF staff and Liberia authorities have reached a staff-level agreement on the economic and financial policies needed to complete the third review of the ECF-supported program. A staff-level agreement was also reached on the request for an arrangement under the Resilience and Sustainability Facility (RSF), which aims to help Liberia address its long-term vulnerabilities to climate-related shocks and strengthen its pandemic preparedness.
"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 broadly, averaging 4.4 percent in the fourth quarter of 2025, compared to 12.5 percent in the first quarter. The exchange rate remains stable, with some seasonal appreciation observed in late 2025. Fiscal performance has also strengthened, with the estimated 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.
"Steadfast reform implementation will be essential to consolidating macroeconomic stability, reducing debt vulnerability, and strengthening the banking sector. Continued prudent fiscal policies—supported by enhanced domestic revenue mobilization and public financial management—are critical for creating fiscal space for development priorities, while facilitating steady reserve accumulation. Strengthening monetary policy effectiveness will be necessary to safeguard price stability. Ongoing and decisive efforts to reinforce the regulatory framework and swiftly implement banking-sector measures remain imperative for preserving financial sector stability.
"The proposed RSF arrangement, subject to approval by the IMF Executive Board, will support Liberia's reform agenda to address long-term vulnerabilities to climate-related shocks and pandemics across three strategic pillars: (a) disaster risk management and pandemic preparedness, (b) climate finance and governance, and (c) water and food security. The RSF-supported program is expected to reinforce institutional capacity, build resilience against external shocks, and catalyze long-term climate financing from development partners.
"IMF staff wish to express our gratitude to the authorities for their commitment to economic reform, constructive engagement, and warm hospitality."
During the mission, the IMF team met with President Joseph N. Boakai, leadership of the National Legislature, Minister of Finance and Development Planning, Mr. Augustine K. Ngafuan, the Executive Governor of the Central Bank of Liberia, Mr. Henry F. Saamoi, senior government officials, and representatives of development partners.
