IMF confident that Liberia will reach the Highly Indebted Poor Countries Initiative point at the end of the year

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IMF Confident That Liberia Will Reach the Highly Indebted Poor Countries Initiative Point At the End of the Year

Posted on admin on February 16, 2010 // Leave Your Comment

The First Deputy Director of the International Monetary Fund (IMF), Mr. John Lipsky has expressed confidence that Liberia will reach the Highly Indebted Poor Countries (HIPC) Initiative point at the end of the year, leading to the cancellation of more than $4 billion Liberia owes the international community.

Mr. Lipsky, who was addressing a joint press conference he hosted with Liberian President Ellen Johnson Sirleaf Monday evening, observed that this was a result of the discipline and sound policy framework put in place by the government.

He “welcomed the progress the government has made in implementing structural reforms, notably through the enactment of the Public Financial Management Act that underpins the effective working of the government”.

Mr. Lipsky also lauded the government’s Poverty Reduction Strategy as a “sound policy framework that will help Liberians move their country forward, noting that the long-term successful growth and development of the country will depend on maintaining the same level of discipline and fiscal management.

According to a Presidential Mansion press statement issued in Monrovia on Monday, Mr. Lipsky however said there were still challenges facing the government in attaining full compliance, and cited the need for the legislature to enact certain acts to complete the process.

He also cited the auditing of some spending government agencies as an important step to ensure full compliance.

“After this stabilization and debt reduction phase, the authorities will need to focus on promoting public investment and growth, and continue building institutions and infrastructure,” Mr. Lipsky observed.

Earlier the visiting IMF delegation met with the University of Liberia faculty and students and held discussions with President Johnson Sirleaf and some key government officials as well as members of the international community.

Source African Press Agency

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