By: Trokon Wrepue – trokon1992seokin@gmail.com
MONROVIA – Gbarpolu County Senator Amara Konneh has welcomed the International Monetary Fund’s (IMF) approval of SDR 19.3 million—equivalent to about US$26.5 million—to support Liberia’s Balance of Payments, but cautioned that the country’s economic fundamentals remain weak.
The IMF’s latest assessment, conducted under the 2025 Article IV Consultation and Extended Credit Facility (ECF) review, acknowledges progress in stabilizing inflation and the exchange rate.
However, it also highlights “widespread corruption” and slowing growth, projecting Liberia’s 2025 economic expansion at 4.6%, down from the earlier forecast of 5.6%.
Senator Konneh described the downgrade as a warning sign that Liberia’s economy, two years into the Boakai-Koung administration, is still struggling to achieve sustainable growth.
“Our economy remains fragile and will stay that way as long as our institutions remain weak,” Konneh said. “The IMF’s mention of ‘widespread corruption’ shows it continues to hinder growth, weaken investor confidence, and threaten inclusive development.”
The former Finance Minister acknowledged that President Boakai’s Economic Management Team has done well to stabilize key macroeconomic indicators, but stressed that such achievements must be followed by bold structural and fiscal reforms to translate stability into real growth.
He warned that low consumption and weak purchasing power among citizens reflect deep economic challenges that can no longer be ignored.
“What we need now are transformative reforms to meet our people’s urgent needs. We must leverage what we know, what we have, and build on them,” he stated.
Konneh pointed out that while the ARREST Agenda for Inclusive Development (AAID) presents a roadmap for progress, it is “overly ambitious”, with a cost nearly twice Liberia’s GDP.
He said the plan’s success depends on strong institutions, prudent leadership, and adequate resources—elements currently constrained by donor fatigue and inflationary pressures.
The Gbarpolu Senator called for a comprehensive reform of the national budget, shifting focus from heavy reliance on consumer-based taxes toward smarter public spending, better concession management, and job creation.
“We must adopt fiscal policies that support growth, ensure fair redistribution, and protect essential social spending—even as we tighten the budget,” he emphasized.
Konneh also warned that corruption could jeopardize Liberia’s eligibility for the second Millennium Challenge Corporation (MCC) Compact, which was earned through governance and transparency reforms in recent years.
“I do not believe the IMF’s corruption reference will stop the MCC process, but persistent failure to reform could weaken its impact,” he cautioned.
As the Legislature prepares to reconvene, Senator Konneh urged national leaders to move beyond partisan politics and use the next four years as a critical window for transformation, especially for Liberia’s youthful population burdened by unemployment, drug abuse, and rising crime.
“We must be willing to accept honest truths—whether from friends or political rivals—and make bold, principled choices. Every dollar spent must advance our national priorities and improve lives,” Konneh said.
He reaffirmed his commitment to working across political and institutional divides to promote economic reform and transparency.
