Liberia Making Economic Progress: IMF Praises Liberia for Solid Progress in Macroeconomic Stability

Washington, D.C.: An International Monetary Fund (IMF) staff team, led by Mr. Daehaeng Kim, Mission Chief for Liberia, visited Monrovia from June 10 – 23, 2026, to conduct the Fourth Review under the Extended Credit Facility (ECF) arrangement and the First Review under the Resilience and Sustainability Facility (RSF) arrangement.

At the conclusion of the mission, Mr. Kim issued the following statement:

“The authorities have made solid progress in macroeconomic stability. Program performance against quantitative targets is robust. Real GDP growth is projected to remain buoyant at 5.5 percent in 2026, supported by continued strong expansion in mining activities, primarily iron ore production, alongside manufacturing and construction.

Despite the recent surge in global fuel prices, inflation increased only modestly to 5.3 percent (y/y) in May, from 4 percent at end-2025, on account of the low weight of fuel in the CPI basket and limited second-round effect so far amid the stable exchange rate.

Fiscal performance is expected to remain in line with program objectives, supported by continued progress in domestic revenue mobilization. The current account deficit is projected to widen significantly in 2026 to about 18 percent of GDP from 7 percent of GDP in 2025, due to higher fuel imports and increased capital goods imports related to mining expansion and construction activities. Nevertheless, the medium-term outlook remains positive.

“IMF staff welcomes the authorities’ commitment to safeguarding fiscal and financial stability, while accelerating priority capital investment and targeted social spending on health, education, and vulnerable groups. These efforts are supported by strong domestic revenue and the one-off bonus payment of US$200 million (3.5 percent of GDP).

“IMF staff and the authorities held constructive program discussions and reached understanding on policies underpinning the fourth review of the ECF arrangement. Discussions will continue in the coming days.

 “IMF staff extends its appreciation to the authorities and all counterparts for their hospitality and constructive engagement.

“During the mission, the team met H.E. Joseph N. Boakai, President of the Republic of Liberia; Mr. Augustine K. Ngafuan, Minister of Finance and Development Planning; Mr. Henry F. Saamoi, Executive Governor of the Central Bank of Liberia; senior government officials, and development partners.”