The Executive Board of the
The ECF arrangement for
Following the Executive Board's discussion, Mr.
"The authorities continue to make progress in implementing their economic program, but further efforts are critically needed in some areas. The completion of the payroll cleanup will help save about 0.5 percent of GDP annually and the pilot phase of the Treasury Single Account has been launched. At the same time, substantial revenue shortfalls and recently-uncovered spending commitments for road projects outside the budget process underscore significant remaining capacity and institutional constraints.
"The authorities are taking appropriate actions to strengthen revenue collection and avoid the recurrence of extra-budgetary commitments. Additional measures to improve compliance by large taxpayers and state entities are being implemented, and the new
"Containing inflation in the dual currency regime will require more effective liquidity management. Enhanced coordination between fiscal and monetary authorities, together with further development of monetary policy instruments, would help better control the Liberian dollar money supply.
"The current debt accumulation is broadly in line with the temporary scaling up of public investment envisaged under the program, but borrowing plans need to carefully balance development needs and debt sustainability."
TNS 30BautistaJude 140704-4788415 30BautistaJude
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