The International Monetary Fund (IMF) has confirmed that Liberia’s economy recorded a growth rate of 5.1 percent in 2025, following the successful completion of discussions under the Third Review of Liberia’s Extended Credit Facility (ECF) Arrangement.
The IMF led by Mr. Daehaeng Kim, visited Monrovia from January 7 to 20, 2026, where it reached a staff-level agreement with the Government of Liberia on the third review of the country’s economic reform program supported by the ECF.
The ECF arrangement, approved by the IMF Executive Board on September 25, 2024, provides Liberia with total access to SDR 155 million (approximately US$210 million) over a 40-month period to support economic stabilization and reform efforts.
According to the IMF, Liberia’s macroeconomic stability continues to improve, driven by strong economic activity, sharply declining inflation, and a relatively stable exchange rate. The Fund noted that program performance since the second review has been “relatively strong.”
At the conclusion of the mission, Mr. Kim said Liberia’s reform agenda is yielding positive results.
“Liberia’s economic and financial reforms continue to progress, supported by favorable macroeconomic outcomes,” Kim stated. “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.”
He added that inflation declined significantly during the year, 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 further reported improvements in fiscal performance, noting that the primary fiscal surplus, excluding grants, increased from 1.3 percent of GDP in 2024 to 1.4 percent in 2025, surpassing the program target of 1.1 percent.
The Fund emphasized that continued commitment to reforms will be critical to consolidating macroeconomic stability, reducing debt vulnerabilities, and strengthening Liberia’s banking sector. It stressed the importance of prudent fiscal policies, enhanced domestic revenue mobilization, improved public financial management, and stronger monetary policy effectiveness.
During the mission, the IMF delegation held 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.
The IMF reaffirmed its commitment to supporting Liberia’s economic reform agenda as the country works to sustain growth and advance its development priorities.
