IMF Boss Wants Urgent Debt Relief for the Country
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A dispatch from Washington D.C. on Friday said the managing director of the international monetary fund (IMF), Rodrigo de Rato has called on the international community for an urgent progress in moving Liberia onto the path toward debt relief. de Rato was quoted as saying that, “this effort hinges on securing the resources needed to finance the cost of IMF’s debt relief to Liberia, which in turn could facilitate an arrears clearance operation for Liberia.” de Rato made the call following a meeting with President Ellen Johnson-Sirleaf who was on an official visit to America. The IMF boss disclosed that IMF Executive Board recently approved the modalities of a financing package to facilitate mobilizing the resources needed to provide debt relief to Liberia. “In this context, I am encouraged by the pledged support from a number of bilateral donors and look forward to additional commitments from a wide group of contributors to ensure that sufficient resources will be in place expeditiously for the Fund’s debt relief to Liberia,” de Rato stated. He said during his meeting with Johnson-Sirleaf, their discussions focused on the ambitious reform program the Liberian government is pursuing under a Staff-Monitored Program (SMP). The IMF managing director acknowledged that despite difficult post-conflict circumstances, the government has established an encouraging track record of policy implementation under their SMP. He said “achievements under the SMP have supported a continued recovery in real GDP growth, relative price and exchange rate stability, and a significant improvement in public financial management and the financial position of the Central Bank of Liberia; looking ahead, to sustain the reform efforts, the authorities will need to continue to display strong ownership of the program, including by working closely with the Liberian legislature.” |