The Government of Liberia has welcomed a major boost to its economic reform and resilience agenda following the approval by the International Monetary Fund (IMF) Executive Board of a 21-month financing arrangement. The agreement, established under the Resilience and Sustainability Facility (RSF), amounts to approximately US$266 million (SDR 193.8 million).
According to an IMF release issued on April 27, 2026, Liberia’s economic performance continues to show strong momentum. The Fund noted that economic growth accelerated to 5.1 percent in 2025, largely driven by an expansion in mining production. Furthermore, the IMF emphasized that the political environment remains supportive of reforms under the Government’s national development framework, known as the ARREST Agenda for Inclusive Development.
The RSF is designed to support the Liberian government’s climate adaptation initiatives, resilient infrastructure development, and pandemic preparedness efforts. Additionally, the facility is expected to strengthen collaboration with development partners, catalyze further external financing, and provide critical balance of payments support to the Central Bank of Liberia.
Following the Executive Board discussion, Mr. Bo Li, Acting Chair and Deputy Managing Director, praised the Liberian government for maintaining sound macroeconomic policies and advancing structural reforms. He noted that fiscal adjustment has successfully reduced debt vulnerabilities and that expenditure rationalization has allowed for the reallocation of resources toward priority investment projects and social programs. However, he also stressed that further progress is needed in these areas.
Mr. Li added that to mitigate the impact of elevated oil prices, the authorities have introduced temporary and targeted subsidies for public transportation. He also observed that the recently adopted supplementary budget will allow for higher social spending while preserving essential fiscal discipline.
Reacting to the IMF Board’s decision, Minister of Finance and Development Planning Augustine Kpehe Ngafuan expressed high satisfaction with the approval. He stated that the government is elated to receive this additional financing for development and macroeconomic stability. Minister Ngafuan noted that the journey toward qualification began in October 2024 and expressed gratitude to President Joseph Nyuma Boakai for his leadership throughout the process.
The Minister explained that to qualify for the RSF, the government implemented key measures and met critical benchmarks to demonstrate its commitment to reform. He highlighted that disbursements of the US$266 million will be made over 21 months, contingent upon the achievement of agreed performance targets. He emphasized that the approval reflects growing international confidence in Liberia’s reform trajectory and commitment to sustainable development.
During the recent IMF and World Bank Spring Meetings in Washington, D.C., Minister Ngafuan briefed IMF officials on the potential impact of the ongoing Middle East crisis on Liberia’s economy and outlined measures the government is implementing to mitigate such external shocks.
In a related development, the IMF Executive Board also concluded the third review of Liberia’s 40-month arrangement under the Extended Credit Facility (ECF). This conclusion enables an immediate disbursement of US$26.49 million, bringing total disbursements under the ECF arrangement to approximately US$105.96 million. The ECF program, totaling SDR 223 million, was initially approved on September 25, 2024, to restore macroeconomic stability, ensure debt sustainability, and strengthen national governance.
The Government of Liberia remains steadfast in its efforts to sustain reform momentum, strengthen economic governance, and leverage international partnerships to drive inclusive growth and long-term national development.