IMF Approves Liberia’s Request For Financial Support Amidst COVID-19

An International Monetary Fund Staff Report on Liberia released on Friday says the “economic impact of the COVID-19 pandemic is hitting the poorest hard.

In approving $50 Million USD under its Rapid Credit Facility (RCF), the IMF noted that Liberian authorities, in response to the impact of the pandemic, are taking revenue and expenditure measures to support emergency food aid for the poor; improving monitoring and control of spending; and safeguarding scarce foreign exchange reserves.

The Executive Board of the IMF approved the multi-million disbursement, which in addition to debt relief approved on April 13, will help meet Liberia’s urgent balance of payment needs, mostly stemming from fiscal needs necessary to respond to the pandemic.

The World Health Organization (WHO), citing data from the National Public Health Institute of Liberia on Thursday, reported that the West African country official recorded 11 new cases for a total of 421 confirmed COVID-19 cases and 32 deaths and 210 recoveries. The principal mode of transmission of the sometimes fatal respiratory illness in Liberia is through community transmission. The Counties of Montserrado and Margibi are reporting the most cases.

Read more of this report

(Visited 87 times, 1 visits today)
About Cholo Brooks 13197 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.