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.