Finance and Economic Planning Minister of Liberia Samuel Tweah says the George Manneh Weah-led government would do everything to ensure salaries for civil servants in the new year since there is no stability in the government finances. The Word Bank’s US$40 million budget support due in February next year will mark the beginning of that era of stability. IMF has approved an extended credit facility, which can ensure a positive cash flow to the government.
The Executive Board of the IMF, last week approved a four-year arrangement under the Extended Credit Facility (ECF) for Liberia for an amount equivalent to SDR 155 million (60 percent of quota or about US$ 213.6 million) to help the country restore macroeconomic stability, after months of negotiation with IMF authorities. The European Union also approved a US$6 million budget support which the government which was already disbursed. The government of France will extend budget support after IMF signing the ECF as per the existing agreement with francophone countries . This will further support the budget.
With uncertain macroeconomic conditions rendered by lack of finances, sluggish demand, inflation etc, the business confidence with many store owners and marketers complaining about hardships. The Consortium of Civil Servants Union of Liberia (CSUL) threatened to stage a nationwide strike if the Government fails to pay salary arrears to owed them by December 15.
