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Liberia : second review under the extended credit facility arrangement and request for waiver of nonobservance of performance criteria and modification of a performance criterion

Author: International Monetary Fund.
Publisher: Washington, District of Columbia : International Monetary Fund, [2013] ©2013
Series: IMF country report, no. 13/365.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
KEY ISSUES Context: Real GDP growth is projected to remain robust at 8.1 percent in 2013, led by mining, construction, and services. Inflation should reach 8.5 percent in December (y/y) due to higher international food prices and recent exchange rate pressures. The baseline outlook is positive, with new mining projects and plantations due to start operations in the coming years. Downside risks stem from delays in  Read more...
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Details

Genre/Form: Electronic books
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: International Monetary Fund.
ISBN: 9781484311851 148431185X
OCLC Number: 872684439
Description: 1 online resource (110 pages) : illustrations.
Series Title: IMF country report, no. 13/365.
Responsibility: International Monetary Fund.

Abstract:

KEY ISSUES Context: Real GDP growth is projected to remain robust at 8.1 percent in 2013, led by mining, construction, and services. Inflation should reach 8.5 percent in December (y/y) due to higher international food prices and recent exchange rate pressures. The baseline outlook is positive, with new mining projects and plantations due to start operations in the coming years. Downside risks stem from delays in public investment, and uncertainty linked to the weak external environment. Accelerating implementation of the authorities' poverty reduction strategy, the Agenda for Transformation, and in particular road and energy projects, is key to boosting growth in the non-mining sector and reduce poverty. Policies: Fiscal policy focuses on scaling-up public investment while maintaining debt sustainability and strengthening project execution capacity. Budget implementation has improved, but weaknesses in liquidity management have led to repeated spending overruns in FY2012 and FY2013. After delays in securing external financing, recent agreements bring debt close to the program limits. The monetary and exchange rate policy framework needs to be strengthened. In the highly dollarized setting, an increase in government spending in Liberian dollars led to exchange rate and inflation pressures. In the context of the recent launch of both T-bills and CBL bills, improved liquidity management and forecasting would be key steps towards establishing a monetary policy anchor. The authorities continue to make headway with their structural reform agenda. The Project Management Unit will help ensure readiness and quality of investment projects. Progress towards a Treasury Single Account continues, albeit with delays. The creation of the Liberia Revenue Authority will help strengthen tax administration. Program performance: Program performance has weakened relative to the previous review, as well as the former ECF-supported arrangement. Three out of six performance criteria (PCs) and two out of four indicative targets (ITs) were missed. Although deviations from two PCs were only minor, foreign reserves fell below the program floor by US

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Primary Entity

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