The International Monetary Fund (IMF) has officially confirmed that Liberia’s economy expanded by 5.1 percent in 2025, subsequent to the successful completion of discussions under the Third Review of Liberia’s Extended Credit Facility (ECF) Arrangement.
An IMF staff team, led by Daehaeng Kim, visited Monrovia from January 7 to 20, 2026, and reached a staff-level agreement with the Government of Liberia (GOL) concerning the third review of the nation’s economic reform program supported by the ECF.
The ECF arrangement, which received approval from the IMF Executive Board on September 25, 2024, provides total access of SDR 155 million (approximately US$210 million) over a 40-month duration.
According to the IMF, macroeconomic stability in Liberia continues to strengthen, supported by robust economic activity, sharply declining inflation, and a stable exchange rate. It reports that program performance since the second review has been relatively strong.
At the conclusion of the mission, Kim stated, “Liberia’s economic and financial reforms continue to progress, supported by favorable macroeconomic outcomes. Real GDP growth is estimated at 5.1 percent in 2025, up from 4.0 percent in 2024, driven by strong mining activity and moderate expansion in the agriculture and services sectors. Inflation declined significantly, averaging 4.4 percent in the fourth quarter of 2025, compared to 12.5 percent in the first quarter, while the exchange rate remained broadly stable.”
The IMF mission further commented, “Fiscal performance has strengthened, with the primary fiscal surplus, excluding grants, improving from 1.3 percent of GDP in 2024 to 1.4 percent in 2025, exceeding the program target of 1.1 percent of GDP.”
The IMF emphasizes that steadfast reform implementation will remain essential to consolidating macroeconomic stability, reducing debt vulnerabilities, and strengthening the banking sector. Continued prudent fiscal policies, enhanced domestic revenue mobilization, improved public financial management, and stronger monetary policy effectiveness will be critical to sustaining stability and supporting development priorities.
During the mission, the IMF team engaged in consultations with President Joseph N. Boakai, members of the National Legislature, Minister of Finance and Development Planning Augustine K. Ngafuan, Central Bank of Liberia Executive Governor Henry F. Saamoi, senior government officials, and development partners.
