{"version":"1","article":{"id":"liberia-imf-fourth-ecf-first-rsf-reviews-2026","slug":"liberia-imf-fourth-ecf-first-rsf-reviews-2026","language":"en","url":"https://haberpaper.com/en/news/liberia-imf-fourth-ecf-first-rsf-reviews-2026","api_url":"https://haberpaper.com/api/v1/articles/liberia-imf-fourth-ecf-first-rsf-reviews-2026?lang=en","title":"IMF clears Liberia reviews, enabling SDR 36.92 million in financing","summary":"Board completion enables immediate disbursements under two arrangements; it does not establish that funds have arrived.","category":"economy","region":"world","topics":[],"published_at":"2026-10-04T18:20:06+03:00","modified_at":"2026-10-04T18:20:06+03:00","publication_basis":"publication-record","event_period":"2026-09-28","event_period_basis":"event-or-reference-period","sources":[{"name":"International Monetary Fund","url":"https://www.imf.org/en/news/articles/2026/09/28/pr-26309-imf-liberia-fourth-review-ecfa-first-review-rcfa","publishedAt":"2026-09-28","checkedAt":"2026-10-04"},{"name":"IMF Liberia ECF and RSF review announcement","url":"https://www.imf.org/en/news/articles/2026/09/28/pr-26309-imf-liberia-fourth-review-ecfa-first-review-rcfa","publishedAt":"2026-09-28","checkedAt":"2026-10-04"}],"translations":[{"language":"tr","url":"https://haberpaper.com/tr/news/liberia-imf-fourth-ecf-first-rsf-reviews-2026","api_url":"https://haberpaper.com/api/v1/articles/liberia-imf-fourth-ecf-first-rsf-reviews-2026?lang=tr"},{"language":"en","url":"https://haberpaper.com/en/news/liberia-imf-fourth-ecf-first-rsf-reviews-2026","api_url":"https://haberpaper.com/api/v1/articles/liberia-imf-fourth-ecf-first-rsf-reviews-2026?lang=en"},{"language":"ar","url":"https://haberpaper.com/ar/news/liberia-imf-fourth-ecf-first-rsf-reviews-2026","api_url":"https://haberpaper.com/api/v1/articles/liberia-imf-fourth-ecf-first-rsf-reviews-2026?lang=ar"},{"language":"fr","url":"https://haberpaper.com/fr/news/liberia-imf-fourth-ecf-first-rsf-reviews-2026","api_url":"https://haberpaper.com/api/v1/articles/liberia-imf-fourth-ecf-first-rsf-reviews-2026?lang=fr"},{"language":"es","url":"https://haberpaper.com/es/news/liberia-imf-fourth-ecf-first-rsf-reviews-2026","api_url":"https://haberpaper.com/api/v1/articles/liberia-imf-fourth-ecf-first-rsf-reviews-2026?lang=es"}],"data_types":["metrics","table"],"data":{"version":1,"blocks":[{"id":"liberia-macro-outlook","type":"metrics","title":{"tr":"Liberya: sonuçlar ve program tahminleri","en":"Liberia: outcomes and programme projections","ar":"ليبيريا: النتائج وتوقعات البرنامج","fr":"Liberia : résultats et projections du programme","es":"Liberia: resultados y proyecciones del programa"},"description":{"tr":"IMF ülke programı tablosundaki büyüme ve yıl sonu tüketici fiyatı değişimi.","en":"Growth and year-end consumer-price change from the IMF country-programme table.","ar":"النمو وتغير أسعار المستهلكين في نهاية العام وفق جدول البرنامج.","fr":"Croissance et variation des prix à la consommation de fin d’année selon le tableau du programme.","es":"Crecimiento y variación de precios al consumidor al cierre según la tabla del programa."},"methodology":{"tr":"2025 büyüme gerçekleşme, 2026 tahminidir. Tüketici fiyatı oranları yıl sonu değişimidir; 2026 tahmindir.","en":"2025 growth is observed and 2026 is projected. Consumer-price changes are end-year rates; 2026 is a forecast.","ar":"نمو 2025 مرصود ونمو 2026 متوقع. أسعار المستهلكين تغيرات نهاية العام، وقيمة 2026 توقع.","fr":"Croissance observée en 2025 et projetée en 2026. Prix en fin d’année ; la valeur 2026 est une prévision.","es":"Crecimiento observado en 2025 y proyectado en 2026. Precios al cierre; el dato de 2026 es un pronóstico."},"sourceUrls":["https://www.imf.org/en/news/articles/2026/09/28/pr-26309-imf-liberia-fourth-review-ecfa-first-review-rcfa"],"updatedAt":"2026-10-04T14:37:59Z","items":[{"label":{"tr":"Reel GSYH büyümesi","en":"Real GDP growth","ar":"نمو الناتج الحقيقي","fr":"Croissance du PIB réel","es":"Crecimiento del PIB real"},"value":5.1,"unit":"percent","period":"2025","basis":"observed","measure":{"id":"real-gdp-growth","unitCode":"percent","geography":"liberia","frequency":"annual","aggregation":"change","periodRole":"reference-period"}},{"label":{"tr":"Reel GSYH büyümesi","en":"Real GDP growth","ar":"نمو الناتج الحقيقي","fr":"Croissance du PIB réel","es":"Crecimiento del PIB real"},"value":5.5,"unit":"percent","period":"2026","basis":"forecast","measure":{"id":"real-gdp-growth","unitCode":"percent","geography":"liberia","frequency":"annual","aggregation":"change","periodRole":"reference-period"}},{"label":{"tr":"Yıl sonu tüketici fiyatı değişimi","en":"Consumer prices, end of period","ar":"أسعار المستهلكين في نهاية الفترة","fr":"Prix à la consommation, fin de période","es":"Precios al consumidor, fin del período"},"value":8.3,"unit":"percent","period":"2025","basis":"estimate","measure":{"id":"consumer-prices-end-period","unitCode":"percent","geography":"liberia","frequency":"annual","aggregation":"change","periodRole":"reference-period"}},{"label":{"tr":"Yıl sonu tüketici fiyatı değişimi","en":"Consumer prices, end of period","ar":"أسعار المستهلكين في نهاية الفترة","fr":"Prix à la consommation, fin de période","es":"Precios al consumidor, fin del período"},"value":5.8,"unit":"percent","period":"2026","basis":"forecast","measure":{"id":"consumer-prices-end-period","unitCode":"percent","geography":"liberia","frequency":"annual","aggregation":"change","periodRole":"reference-period"}}]},{"id":"liberia-authorised-disbursements","type":"table","title":{"tr":"İncelemelerle kullanıma açılan SDR","en":"SDR financing enabled by the reviews","ar":"تمويل حقوق السحب الذي أتاحته المراجعتان","fr":"Financement en DTS ouvert par les revues","es":"Financiación en DEG habilitada por las revisiones"},"description":{"tr":"Kurul kararının her düzenleme kapsamında mümkün kıldığı tutarlar.","en":"Amounts made available under each arrangement by the Board decisions.","ar":"المبالغ التي أتاحتها قرارات المجلس بموجب كل ترتيب.","fr":"Montants ouverts au titre de chaque accord par les décisions du conseil.","es":"Montos habilitados bajo cada acuerdo por las decisiones del Directorio."},"methodology":{"tr":"Tutarlar hemen kullandırılmak üzere yetkilendirilmiştir; fiilî ödeme veya alındı teyidi değildir.","en":"Amounts are authorised for immediate disbursement; this is not confirmation of payment or receipt.","ar":"المبالغ مصرح بصرفها فوراً؛ ولا يعني ذلك تأكيد الدفع أو الاستلام.","fr":"Montants autorisés pour décaissement immédiat, sans confirmation de paiement ou de réception.","es":"Montos autorizados para desembolso inmediato; no confirman pago ni recepción."},"sourceUrls":["https://www.imf.org/en/news/articles/2026/09/28/pr-26309-imf-liberia-fourth-review-ecfa-first-review-rcfa"],"updatedAt":"2026-10-04T14:37:59Z","columns":[{"key":"facility","label":{"tr":"Düzenleme","en":"Arrangement","ar":"الترتيب","fr":"Accord","es":"Acuerdo"},"type":"text","language":"en"},{"key":"amount","label":{"tr":"Tutar","en":"Amount","ar":"المبلغ","fr":"Montant","es":"Monto"},"type":"number","unit":"million SDR"},{"key":"status","label":{"tr":"Durum","en":"Status","ar":"الحالة","fr":"Statut","es":"Estado"},"type":"text","language":"en"}],"rows":[{"facility":"ECF fourth review","amount":19.3,"status":"Authorized for immediate disbursement"},{"facility":"RSF first review","amount":17.62,"status":"Authorized for immediate disbursement"}]}]},"data_compilations":[{"id":"liberia-macro-outlook","creator":{"@type":"Organization","@id":"https://haberpaper.com/#organization","name":"Haber Paper","url":"https://haberpaper.com/"},"license":{"@type":"CreativeWork","@id":"https://haberpaper.com/en/data-terms/v1#license","name":"Haber Paper Original Data Compilation License 1.0","url":"https://haberpaper.com/en/data-terms/v1"},"rights_scope":"Haber Paper original data arrangement, labels and methodology notes only; underlying source rights and permissions remain separate.","source_license_url":null},{"id":"liberia-authorised-disbursements","creator":{"@type":"Organization","@id":"https://haberpaper.com/#organization","name":"Haber Paper","url":"https://haberpaper.com/"},"license":{"@type":"CreativeWork","@id":"https://haberpaper.com/en/data-terms/v1#license","name":"Haber Paper Original Data Compilation License 1.0","url":"https://haberpaper.com/en/data-terms/v1"},"rights_scope":"Haber Paper original data arrangement, labels and methodology notes only; underlying source rights and permissions remain separate.","source_license_url":null}],"data_downloads":[{"id":"liberia-macro-outlook","formats":{"json":"https://haberpaper.com/api/v1/articles/liberia-imf-fourth-ecf-first-rsf-reviews-2026/data/liberia-macro-outlook?lang=en&format=json","csv":"https://haberpaper.com/api/v1/articles/liberia-imf-fourth-ecf-first-rsf-reviews-2026/data/liberia-macro-outlook?lang=en&format=csv"}},{"id":"liberia-authorised-disbursements","formats":{"json":"https://haberpaper.com/api/v1/articles/liberia-imf-fourth-ecf-first-rsf-reviews-2026/data/liberia-authorised-disbursements?lang=en&format=json","csv":"https://haberpaper.com/api/v1/articles/liberia-imf-fourth-ecf-first-rsf-reviews-2026/data/liberia-authorised-disbursements?lang=en&format=csv"}}],"content":{"paragraphs":["The International Monetary Fund’s Executive Board completed Liberia’s fourth review under its 40-month Extended Credit Facility (ECF) arrangement and its first review under the 21-month Resilience and Sustainability Facility (RSF) on September 28. The IMF says the decisions enable immediate disbursements of SDR 19.3 million from the ECF and SDR 17.62 million from the RSF, or SDR 36.92 million combined. “Enables” is not a payment confirmation: the release says the board decision opens access to financing, but offers no bank record showing that the money reached Liberia that day. The SDR is an international reserve asset created by the IMF, not the Liberian or US dollar.","The ECF and RSF serve different policy purposes. The ECF is part of the IMF’s programme financing framework for low-income countries with protracted balance-of-payments problems. The RSF supports reforms intended to strengthen resilience to climate change and other long-term structural risks. Completing reviews under both arrangements brings macroeconomic programming and climate reform into the same review calendar; it does not merge them into one spending line. The IMF says the ECF was approved on September 25, 2024, with total access of SDR 155 million, while the RSF was approved on April 27, 2026, with total access of SDR 193.8 million. Those approvals occurred at earlier dates and are separate stages. The full arrangement amounts are not the same as this week’s enabled disbursements.","The IMF’s country table records real gross domestic product growth of 5.1 percent in 2025 and projects 5.5 percent for 2026. Strong mining output, construction and manufacturing are identified as recent supports. Year-end consumer-price changes are listed at 8.3 percent for 2025 and 5.8 percent for 2026. The second figure is a forecast, not an observed September price change or a completed annual result. Combining the two periods into a simple claim that “inflation fell” would erase that distinction. The release also names higher fuel prices, declining donor support, commodity-price volatility and climate shocks as downside risks to the outlook.","The fiscal agenda includes applying value-added tax in 2027, reforming mining taxation and rationalising tax exemptions. Authorities intend to phase the use of a one-off mining concession payment across 2026–27 because implementation capacity is constrained. Such a payment cannot be assumed to recur; its conversion into public investment depends on project selection, execution and oversight. In the IMF table, total revenue and grants in 2026 are projected at 20.6 percent of GDP, total expenditure at 22.3 percent, and the overall balance excluding grants at minus 6.0 percent. These are programme projections rather than completed budget outcomes. The distinction between the balance including and excluding grants shows how assumptions about external support affect the fiscal picture.","In the financial sector, bank restructuring and the reduction of non-performing loans remain in progress, while recapitalisation is moving more slowly than planned. The central bank says it will monitor inflation effects from global oil prices and stands ready to tighten policy if required. Issuing new banknotes is also listed as an urgent priority to ease shortages. On climate policy, early progress on RSF reforms is described as encouraging, but technical assistance and coordination with development partners remain necessary. Access to financing alone does not establish that banks’ credit supply, the quality of public projects or climate resilience has improved; the effect depends on implementation and oversight.","The decision is best monitored in three stages: completion of the board review, actual disbursement of the SDR amounts, and measurable results from reforms. The 2026 growth projection of 5.5 percent and year-end consumer-price projection of 5.8 percent are official IMF forecasts, not observed outcomes. Practical follow-up includes VAT preparation, management of mining receipts, banknote availability, bank balance sheets and completion of climate reforms. The release does not provide a single index measuring progress in all these areas; each needs its own administrative or statistical evidence. This report uses the IMF country-programme table and board announcement and does not recalculate Liberia’s national accounts."],"key_points":[],"sections":[]},"text":"Board completion enables immediate disbursements under two arrangements; it does not establish that funds have arrived.\n\nThe International Monetary Fund’s Executive Board completed Liberia’s fourth review under its 40-month Extended Credit Facility (ECF) arrangement and its first review under the 21-month Resilience and Sustainability Facility (RSF) on September 28. The IMF says the decisions enable immediate disbursements of SDR 19.3 million from the ECF and SDR 17.62 million from the RSF, or SDR 36.92 million combined. “Enables” is not a payment confirmation: the release says the board decision opens access to financing, but offers no bank record showing that the money reached Liberia that day. The SDR is an international reserve asset created by the IMF, not the Liberian or US dollar.\n\nThe ECF and RSF serve different policy purposes. The ECF is part of the IMF’s programme financing framework for low-income countries with protracted balance-of-payments problems. The RSF supports reforms intended to strengthen resilience to climate change and other long-term structural risks. Completing reviews under both arrangements brings macroeconomic programming and climate reform into the same review calendar; it does not merge them into one spending line. The IMF says the ECF was approved on September 25, 2024, with total access of SDR 155 million, while the RSF was approved on April 27, 2026, with total access of SDR 193.8 million. Those approvals occurred at earlier dates and are separate stages. The full arrangement amounts are not the same as this week’s enabled disbursements.\n\nThe IMF’s country table records real gross domestic product growth of 5.1 percent in 2025 and projects 5.5 percent for 2026. Strong mining output, construction and manufacturing are identified as recent supports. Year-end consumer-price changes are listed at 8.3 percent for 2025 and 5.8 percent for 2026. The second figure is a forecast, not an observed September price change or a completed annual result. Combining the two periods into a simple claim that “inflation fell” would erase that distinction. The release also names higher fuel prices, declining donor support, commodity-price volatility and climate shocks as downside risks to the outlook.\n\nThe fiscal agenda includes applying value-added tax in 2027, reforming mining taxation and rationalising tax exemptions. Authorities intend to phase the use of a one-off mining concession payment across 2026–27 because implementation capacity is constrained. Such a payment cannot be assumed to recur; its conversion into public investment depends on project selection, execution and oversight. In the IMF table, total revenue and grants in 2026 are projected at 20.6 percent of GDP, total expenditure at 22.3 percent, and the overall balance excluding grants at minus 6.0 percent. These are programme projections rather than completed budget outcomes. The distinction between the balance including and excluding grants shows how assumptions about external support affect the fiscal picture.\n\nIn the financial sector, bank restructuring and the reduction of non-performing loans remain in progress, while recapitalisation is moving more slowly than planned. The central bank says it will monitor inflation effects from global oil prices and stands ready to tighten policy if required. Issuing new banknotes is also listed as an urgent priority to ease shortages. On climate policy, early progress on RSF reforms is described as encouraging, but technical assistance and coordination with development partners remain necessary. Access to financing alone does not establish that banks’ credit supply, the quality of public projects or climate resilience has improved; the effect depends on implementation and oversight.\n\nThe decision is best monitored in three stages: completion of the board review, actual disbursement of the SDR amounts, and measurable results from reforms. The 2026 growth projection of 5.5 percent and year-end consumer-price projection of 5.8 percent are official IMF forecasts, not observed outcomes. Practical follow-up includes VAT preparation, management of mining receipts, banknote availability, bank balance sheets and completion of climate reforms. The release does not provide a single index measuring progress in all these areas; each needs its own administrative or statistical evidence. This report uses the IMF country-programme table and board announcement and does not recalculate Liberia’s national accounts.","corrections":[],"editorial_illustration":{"kind":"symbolic-editorial-illustration","documentary":false,"scope":"section","asset_id":"economy","url":"https://haberpaper.com/assets/illustrations/economy-1536.webp","width":1536,"height":1024,"alt":"Symbolic trading harbour with a cargo ship, containers and a bridge.","language":"en"},"section_illustration":{"kind":"symbolic-editorial-illustration","documentary":false,"scope":"section","asset_id":"economy","url":"https://haberpaper.com/assets/illustrations/economy-1536.webp","width":1536,"height":1024,"alt":"Symbolic trading harbour with a cargo ship, containers and a bridge.","language":"en"}}}