The Minister of Finance and Development Planning, Hon. Augustine Kpehe Ngafuan, held a high-level productive meeting with the Deputy Managing Director of the International Monetary Fund (IMF), Mr. Bo Li.
The meeting was held on Thursday, July 10, 2025 at the IMF headquarters in Washington DC, US. During the meeting, the IMF Deputy Chief stated that the IMF is very impressed by the progress Liberia is making under the ongoing IMF Extended Credit Facility (ECF) program with Liberia, as evidenced by the notable progress in the reduction of the fiscal deficit, improved PFM reforms, strengthening of governance, and measures aimed at promoting private sector development.
Deputy Managing Director Li praised President Boakai for his leadership and commitment to Liberia’s development and asked Minister Ngafuan to convey the Fund’s commendation for President Boakai’s valuable contribution to reforms and delivery under the ARREST Agenda for Inclusive Development (AAID).
The IMF Deputy Chief informed the Liberian Finance Miniter that the Board of the IMF is finalizing the completion of the reports on the recently conducted 2nd ECF review and Article IV consultations, which will pave the way for Liberia’s eventual enrollment into the IMF’s Resilience Sustainability Facility (RSF), a facility that will provide significant amount of resources to assist Liberia to enhance climate resilience and adaptation.
Deputy Managing Director Li informed Minister Ngafuan that the IMF is planning to field a climate policy diagnostic mission to Liberia at the end of this month to conduct a climate public investment management assessment (c-PIMA).
The c-PIMA report will identify the critical interventions needed to strengthen Liberia’s resilience and adaptation to climate risk and will inform the possible amount of resources that Liberia will need under the (RSF).
Deputy Managing Director Li added that after Liberia’s qualification for the RSF possibly in 2026, the IMF will convene a donor roundtable with development finance institutions (DFIs) and other financiers to mobilize additional support for innovative financing for Liberia’s AAID priorities and climate resilient infrastructures.
In response, Finance Minister Augustine Kpehe Ngafuan, who is a member of President Joseph Boakai’s delegation visiting the US, conveyed the Liberian leader’s warm sentiments of appreciation to Managing Director and senior management of the IMF for their unflagging support to Liberia’s development.
Minister Ngafuan thanked the IMF management for their support in difficult times, which has made Liberia to made laudable progress in achieving its development priorities.
He informed the Fund about Liberia’s elections to a non-permanent member seat on the UN Security Council for 2026 and 2027, which will among other things, greatly advance Liberia’s economic diplomacy agenda. He also informed Deputy Manager Li that President Boakai’s visit to the White House upon the invitation of US President Donald Trump signifies the strength of US-Liberia bilateral relations, which the Liberian government is leveraging to expand the country’s economy through trade and private sector investment.
(The United States is a leading shareholder of the IMF).
Minister Ngafuan also expressed appreciation for the IMF’s commitment to assisting Liberia meet the requirements to benefit from the Resilience Sustainability Facility, which will give Liberia significant fiscal space to invest in agriculture and infrastructure including roads and bridges to bolster Liberia’s climate resilience.
He assured the Fund of the Liberian government’s commitment to responsible fiscal management and will continue the strong partnership with the IMF to sustain and scale the positive improvements in PFM reforms and sound economic management.
Meanwhile, Finance Minister Augustine Kpehe Ngafuan has been engaging key US government institutions to forge stronger ties that will translate to increased support for Liberia’s development priorities.
On Wednesday, July 9, 2025, Minister Ngafuan, accompanied by Deputy Finance Minister for Economic Management Dehpue Zuo, visited the headquarters of the Millennium Challenge Corporation (MCC) where they held very productive discussions.
Hon. Augustine Kpehe Ngafuan met the Officer-In-Charge of the Office of the Chief Executive Officer at the Millenium Challenge Corporation (MCC) and team of top MCC officials including Ms. Alicia Robinson-Morgan, Managing Director of the Department of Compact Operations.
The discussions focused on the status of Liberia’s second Compact program. Minister Ngafuan noted Liberia’s strong appreciation for MCC support to Liberia’s development, particularly the support for the rehabilitation of the Mt. Coffee Hydro-electric dam, which is having a transformative impact on the Liberian economy.
He noted that Liberians were excited for Liberia’s selection in December 2024 for eligibility for a second compact, which could provide additional resources to address the binding constraints to Liberia’s growth and development. He acknowledged the US government’s new emphasis on trade and investment and stressed that MCC’s assistance in addressing constraints to growth in Liberia, especially increasing energy access and paving Liberia’s major road networks, will help to make Liberia more attractive for trade and investment.
Minister Ngafuan informed the MCC team of Liberia’s election for a non-permanent member seat on the UN Security Council for 2026 & 2027, which will have a positive effect on Liberia’s economic diplomacy agenda.
In response, Dr. Sohan Dasgupta acknowledged the strong and historic relationship between Liberia and the United States, and the good vision of President Joseph Nyuma Boakai’s national development plan, the ARREST Agenda for Inclusive Development (AAID).
He stated that the US government values the strong partnership with Liberia and looks forward to strengthened partnership between the MCC and Liberia in the years ahead. He clarified that compact operations under the MCC have not been cancelled but are currently under review by the US Secretary of State Marco Rubio. He noted that the outcomes of the discussion with Minister Ngafuan will be conveyed to Secretary Rubio and expressed hope that the strong points stressed by Minister Ngafuan will be extremely helpful in this regard.
On Tuesday, July 8, Minister Ngafuan, accompanied by Liberia’s Ambassador to the US Alhassan Conteh and Deputy Finance Minister Dehpue Zuo, held productive discussions with Mr. Mateo Goldman, Senior Vice President and officials of the US International Development Finance Corporation (DFC) at the DFC headquarters in Washington DC. During the discussions, the DFC expressed its commitment to increasing DFC support to private sector investments in Liberia, particularly in the energy, agriculture, and financial services sectors.
On Thursday, July 10, 2025, Finance Minister Augustine Ngafuan also held discussions with Mr. Dave Donaldson, Special Assistant to President Trump’s Spiritual Advisor Paula White.
The discussions focused on support to Liberia’s education and health sectors, which were both heavily impacted by the cancellation of several projects funded by the United States Agency for International Development (USAID).
Mr. Donaldson assured Minister Ngafuan that the White House Faith Office headed by Ms. Paula White will work with US government institutions and faith-based institutions to mobilize support to help Liberia sustain the gains it is making in the two sectors.
The meeting was held in the Faith Office at the White House and was arranged by Spiritual Advisor Paula White.
