Liberia Clears Its Arrears with IMF, Finance Ministry Discloses

The Liberian government on Friday announced that it has cleared its arrears with the International Monetary Fund (IMF) to the tune of US$890 million.

Finance Minister Dr. Antoinete Sayeh said Liberia has now reached the decision point under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative.

The HIPC decision point is the point at which Interim Debt Relief will be provided.

Dr. Sayeh however said the HIPC decision point will come into effect after the World Bank’s board meeting next Tuesday.

The Liberian Finance Minister told a news conference on Friday that the country is now a fully paid off member of the IMF.

She said Liberia now has full voting and related rights and also has access to IMF financial resources for the first time in 24 years.

Until Friday March 14, Liberia has been in arrears to the IMF since 1984.

Madam Sayeh said the IMF executive board has also approved more financing arrangements under Liberia’s Poverty Reduction and growth program.

She said the IMF has also extended assistance under government’s economic program covering 2008-2010.

Source African Press Agency

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