Abstract
2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Liberia
Relations with the Fund
(As of April 30, 2019)
| Membership Status: Joined: March 28, 1962. | Article XIV |
| Membership Status: Joined: March 28, 1962. | Article XIV |
| General Resources Account: | SDR Million | %Quota |
|---|---|---|
| Quota | 258.40 | 100.00 |
| Fund holdings of currency | 226.08 | 87.49 |
| Reserve Tranche Position | 32.33 | 12.51 |
| General Resources Account: | SDR Million | %Quota |
|---|---|---|
| Quota | 258.40 | 100.00 |
| Fund holdings of currency | 226.08 | 87.49 |
| Reserve Tranche Position | 32.33 | 12.51 |
| SDR Department: | SDR Million | %Allocation |
|---|---|---|
| Net cumulative allocation | 123.98 | 100.00 |
| Holdings | 150.80 | 121.64 |
| SDR Department: | SDR Million | %Allocation |
|---|---|---|
| Net cumulative allocation | 123.98 | 100.00 |
| Holdings | 150.80 | 121.64 |
| Outstanding Purchases and Loans: | SDR Million | %Quota |
|---|---|---|
| RCF Loans | 32.30 | 12.50 |
| ECF Arrangements | 122.14 | 47.27 |
| Outstanding Purchases and Loans: | SDR Million | %Quota |
|---|---|---|
| RCF Loans | 32.30 | 12.50 |
| ECF Arrangements | 122.14 | 47.27 |
Latest Financial Arrangements:
Formerly PRGF.
| Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) | |
|---|---|---|---|---|
| ECF | Nov. 19, 2012 | Nov. 17, 2017 | 111.66 | 111.66 |
| ECF1 | Mar. 14, 2008 | May 17, 2012 | 247.90 | 247.90 |
| EFF | Mar. 14, 2008 | Sep. 25, 2008 | 342.77 | 342.77 |
Formerly PRGF.
| Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) | |
|---|---|---|---|---|
| ECF | Nov. 19, 2012 | Nov. 17, 2017 | 111.66 | 111.66 |
| ECF1 | Mar. 14, 2008 | May 17, 2012 | 247.90 | 247.90 |
| EFF | Mar. 14, 2008 | Sep. 25, 2008 | 342.77 | 342.77 |
Formerly PRGF.
Projected Payments to Fund
(SDR Million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | ||||||
|---|---|---|---|---|---|---|
| 2019 | 2020 | 2021 | 2022 | 2023 | ||
| Principal | 8.83 | 20.04 | 22.97 | 26.28 | 27.32 | |
| Charges/Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Total | 8.83 | 20.04 | 22.97 | 26.29 | 27.32 | |
| Forthcoming | ||||||
|---|---|---|---|---|---|---|
| 2019 | 2020 | 2021 | 2022 | 2023 | ||
| Principal | 8.83 | 20.04 | 22.97 | 26.28 | 27.32 | |
| Charges/Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Total | 8.83 | 20.04 | 22.97 | 26.29 | 27.32 | |
| Implementation of HIPC Initiative: | Enhanced Framework | |||
| Commitment of HIPC assistance | ||||
| Decision point date | March 2008 | |||
| Assistance committed by all creditors (US$ Million)1 | 2,739.20 | |||
| Of which: IMF assistance (US$ Million) | 721.10 | |||
| (SDR equivalent in millions) | 440.90 | |||
| Completion point date | June 2010 | |||
| Disbursement of IMF assistance (SDR Million) | ||||
| Assistance disbursed to the member | 440.90 | |||
| Interim assistance | 30.14 | |||
| Completion point balance | 410.76 | |||
| Additional disbursement of interest income2 | 10.99 | |||
| Total disbursements | 451.89 | |||
| Implementation of HIPC Initiative: | Enhanced Framework | |||
| Commitment of HIPC assistance | ||||
| Decision point date | March 2008 | |||
| Assistance committed by all creditors (US$ Million)1 | 2,739.20 | |||
| Of which: IMF assistance (US$ Million) | 721.10 | |||
| (SDR equivalent in millions) | 440.90 | |||
| Completion point date | June 2010 | |||
| Disbursement of IMF assistance (SDR Million) | ||||
| Assistance disbursed to the member | 440.90 | |||
| Interim assistance | 30.14 | |||
| Completion point balance | 410.76 | |||
| Additional disbursement of interest income2 | 10.99 | |||
| Total disbursements | 451.89 | |||
Delivery of Debt Relief at the Completion Point:
| Debt relief (SDR Million) | 548.53 | |||||
| Financed by: Liberia Administered Account | 116.20 | |||||
| Remaining HIPC resources | 432.33 | |||||
| Debt relief by facility (SDR Million) | ||||||
| Eligible Debt | ||||||
| Delivery Date | GRA | PRGT | Total | |||
| June 2010 | 342.77 | 205.76 | 548.53 | |||
| Debt relief (SDR Million) | 548.53 | |||||
| Financed by: Liberia Administered Account | 116.20 | |||||
| Remaining HIPC resources | 432.33 | |||||
| Debt relief by facility (SDR Million) | ||||||
| Eligible Debt | ||||||
| Delivery Date | GRA | PRGT | Total | |||
| June 2010 | 342.77 | 205.76 | 548.53 | |||
Implementation of Catastrophe Containment and Relief (CCR):
| Date of Catastrophe | Board Decision Date | Amount Committed (SDR million) | Amount Disbursed (SDR million) |
| N/A | Feb 23, 2015 | 25.84 | 25.84 |
| Date of Catastrophe | Board Decision Date | Amount Committed (SDR million) | Amount Disbursed (SDR million) |
| N/A | Feb 23, 2015 | 25.84 | 25.84 |
Safeguards Assessment
The 2013 and 2015 update safeguards assessments highlighted a weak governance and control environment at the Central Bank of Liberia (CBL). Given the slow pace of reforms, some of the assessment’s key concerns were addressed by program measures including strengthening the CBL’s investment policies, approving the central bank’s financial plan, and establishing an emergency liquidity assistance (ELA) framework. A forensic audit of the First International Bank of Liberia Limited (FIBLL) in 2017 confirmed supervisory and governance failures which led to financial losses at the CBL, and the authorities developed an action plan to address these issues. However, many items in the Action Plan are outstanding and, as an interim measure, semi-annual external audits of foreign currency reserves are being conducted. The other interim measure, being the monthly submission of foreign exchange information to the CBL Board, has not been met. The Governor was subsequently replaced, and a new Board has been in place since 2018 albeit with members on temporary appointment terms. Notwithstanding these developments, new risks have emerged in domestic currency operations, as highlighted in the recent forensic investigation report, and the CBL will need to take fundamental steps to address these. Key remaining recommendations from safeguards assessments include legal amendments to align the CBL Act with best practices, reconciling suspense accounts, strengthening the internal audit function, and enhancing governance and audit and control oversight.
Exchange Rate Arrangement
The currency of Liberia is the Liberian dollar. The U.S. dollar is also legal tender. The de jure exchange rate regime classification is ‘managed floating’. The Central Bank of Liberia (CBL) intervenes in the foreign exchange market to smooth volatility. Since July 2018, the exchange rate has followed a depreciating trend within a 2 percent band against the U.S. dollar. Accordingly, the de facto exchange rate arrangement was reclassified to “crawl-like” from “other managed”, effective July 23, 2018.3 Liberia maintains an exchange rate system that is free of restrictions on payments for current transfers.
Article IV Consultation
The 2018 Article IV consultation was concluded on June 8, 2018. It is recommended that the next Article IV consultation take place on the standard 12-month cycle.
Technical Assistance 2014–19
| Topic | Date |
|---|---|
| Fiscal Affairs Department | |
| Revenue Administration | February–March and April-May 2014, November 2014–April 2015 (Remote), July–August, September-October, and November–December 2015, February, June, October, and December 2016, Long-term residential advisor has been deployed in the LRA since January 2016. February-April, July, November, and December 2017, January 2018, March-April 2018, May 2018, June 2018, July 2018, August-September 2018, October 2018, November 2018, February 2019, March 2019 |
| Public Financial Management Reform | January, February, November 2016, May-June, July-August, September, October, November, December 2017, April 2018 |
| Natural Resource Revenue | January and March, and December 2016, February, and April 2017, April 2018, February 2019 |
| Fiscal Decentralization | December 2015 |
| Capacity Building and Sector Audit Training, including Computer assisted Audit Techniques in Telecommunications. | April 2014 |
| Fiscal Framework for a New Model Petroleum Production Sharing Contract and Revenue Modeling | June 2014, August 2018 |
| Budget Formulation and Public Sector Investment Plan | June 2015 |
| Public Investment Management Assessment | July 2016, July, September 2017, January 2018 |
| Tax Policy | February 2017 |
| Cash Management | September 2017, April 2018, September 2018 |
| Statistics Department | |
| Balance of Payments | July 2014 and January–February, June–July 2016, January, July 2017, Feb 2018, September 2018 |
| Government Financial Statistics | September 2016, October 2017, March 2019 |
| National Accounts and Consumer Price Index | May 2014, April–September (Remote), June–July, November 2015, March, July, August, September, December, December 2016, February, July–August, November 2017, December 2017, January 2018, February 2018, April 2018, June 2018, August-September 2018, October-November 2018, January 2019, March-April 2019 |
| Monetary and Financial Statistics | January 2019 |
| Monetary and Capital Markets Department | |
| Central Bank Governance | November 2017 |
| Banking Supervision | January, April, July 2014. February, April–May, August, November 2016, January 2019 |
| Monetary Policy | July 2018, October 2018, February-March 2019 |
| AML/CFT framework | November 2017, August 2018, February-March 2019 |
| Central Bank Accounting | August 2016, March 2017 |
| Monetary Analysis and Payment System | November 2016, November-December 2017 |
| Basel II/III Training Workshop | November 2016, July 2017 |
| Liquidity Forecasting | May 2014, August 2015, and January–February 2016 |
| Crisis Preparedness and Management Framework | October–November 2015, January 2017, March 2017, August-September 2018 |
| Finance Department | |
| Safeguards and Fiscal Investment | September 2017 |
| Legal Department | |
| AML/CFT framework | November 2017, March 2018, August 2018, February-March 2019 |
| CBL Act | January 2018 |
| Tax Law | October 2017 |
| Topic | Date |
|---|---|
| Fiscal Affairs Department | |
| Revenue Administration | February–March and April-May 2014, November 2014–April 2015 (Remote), July–August, September-October, and November–December 2015, February, June, October, and December 2016, Long-term residential advisor has been deployed in the LRA since January 2016. February-April, July, November, and December 2017, January 2018, March-April 2018, May 2018, June 2018, July 2018, August-September 2018, October 2018, November 2018, February 2019, March 2019 |
| Public Financial Management Reform | January, February, November 2016, May-June, July-August, September, October, November, December 2017, April 2018 |
| Natural Resource Revenue | January and March, and December 2016, February, and April 2017, April 2018, February 2019 |
| Fiscal Decentralization | December 2015 |
| Capacity Building and Sector Audit Training, including Computer assisted Audit Techniques in Telecommunications. | April 2014 |
| Fiscal Framework for a New Model Petroleum Production Sharing Contract and Revenue Modeling | June 2014, August 2018 |
| Budget Formulation and Public Sector Investment Plan | June 2015 |
| Public Investment Management Assessment | July 2016, July, September 2017, January 2018 |
| Tax Policy | February 2017 |
| Cash Management | September 2017, April 2018, September 2018 |
| Statistics Department | |
| Balance of Payments | July 2014 and January–February, June–July 2016, January, July 2017, Feb 2018, September 2018 |
| Government Financial Statistics | September 2016, October 2017, March 2019 |
| National Accounts and Consumer Price Index | May 2014, April–September (Remote), June–July, November 2015, March, July, August, September, December, December 2016, February, July–August, November 2017, December 2017, January 2018, February 2018, April 2018, June 2018, August-September 2018, October-November 2018, January 2019, March-April 2019 |
| Monetary and Financial Statistics | January 2019 |
| Monetary and Capital Markets Department | |
| Central Bank Governance | November 2017 |
| Banking Supervision | January, April, July 2014. February, April–May, August, November 2016, January 2019 |
| Monetary Policy | July 2018, October 2018, February-March 2019 |
| AML/CFT framework | November 2017, August 2018, February-March 2019 |
| Central Bank Accounting | August 2016, March 2017 |
| Monetary Analysis and Payment System | November 2016, November-December 2017 |
| Basel II/III Training Workshop | November 2016, July 2017 |
| Liquidity Forecasting | May 2014, August 2015, and January–February 2016 |
| Crisis Preparedness and Management Framework | October–November 2015, January 2017, March 2017, August-September 2018 |
| Finance Department | |
| Safeguards and Fiscal Investment | September 2017 |
| Legal Department | |
| AML/CFT framework | November 2017, March 2018, August 2018, February-March 2019 |
| CBL Act | January 2018 |
| Tax Law | October 2017 |
Resident Representative
A resident representative has been posted in Monrovia since April 2, 2006. Currently Mr. Oestreicher is in this role since August 1, 2017.
Relations with Other Ifi’s
World Bank Group http://projects.worldbank.org/search?lang=en&searchTerm =&countrycode exact=LR
African Development Bank https://www.afdb.org/en/countries/west-africa/liberia/
AFRITAC West 2 http://www.afritacwest2.org/home
Statistical Issues
(As of April March 28, 2019)
Enhanced Data Dissemination Initiative (EDDI) phase 2 funded by the UK Department for International Development.
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has serious shortcomings that significantly hamper surveillance. Most affected areas are: national accounts, government finance, and balance of payments statistics. | |
| National Accounts: Comprehensive national accounts data are not available. Fund staff estimates GDP by activity using the production approach and primary source data provided by the Liberia Institute of Statistics and Geo-Information Services (LISGIS). Estimates for GDP by expenditure are not available. The authorities are developing benchmark estimates to compile GDP estimates with the 2016 base year. A full 12-month Household Income and Expenditure Survey (HIES) for 2016 was completed in February 2017 and the statistical abstract containing the broad findings has been published. The data will be used in developing preliminary estimates of household final consumption expenditure (HFCE). Moreover, the CPI basket has been re-weighted using the 2014 HIES data and latest CPI and HFCE estimates are being included into the GDP calculations. These GDP estimates will also incorporate the complete trade in goods data set. The national accounts staff is currently 40 percent under strength. It is urgent to recruit additional staff to bring the team up to complement. The National Accounts Annual Survey (NAAS) for 2016 was carried out and the survey results are available. However, data for key contributors are still outstanding due to the low response rates. | |
| Price Statistics: Assisted by the EDDI 2 project,1 the LISGIS introduced an updated CPI from the January 2019 publication by using expenditure weights and an updated market basket based on the Household Income and Expenditure Survey conducted during 2016. Currently prices are collected only in Monrovia but the LISGIS plans to introduce national collection once recently introduced enhancements are sustained. The LISGIS does not currently compile a PPI for Liberia because this requires that an Economic Census be conducted. | |
| Government Finance Statistics: Data reporting to STA for dissemination has lapsed. The last available data, which only covered the budgetary central government, corresponds to 2013. While currently compiled GFS largely aligns to the guidelines of the GFSM 2001/14, gaps remain, on the comprehensiveness of transactions in the statement of operations; and the institutional coverage of data. Not all external flows, on grants and loans, and associated expenditure are comprehensively captured in the statement of operations; and data coverage remains limited to the budgetary central government, Expenditure transactions are currently recorded on commitment basis, while all other transactions in the statement of operations are recorded on cash basis, to a large extent. No adjustment is made to bridge the timing difference of transactions on commitment and cash basis, in statement of operations of the budgetary central government, mainly due to the difficulty to accurately and timely capture cash expenditure. Improvements to data quality will require efforts to improve coordination and data sharing mechanisms between various data producing and data using units. Timely data reporting to STA should resume. | |
| Monetary and Financial Statistics (MFS): Liberia has recently completed the compilation of monetary data based on STA Standardized Report Forms (SRFs), and needs to finalize the implementation of the January 2019 TA recommendations. The implementation of the mission’s recommendation and the regular compilation of monetary data based on the SRFs is critical for surveillance. | |
| Financial sector surveillance: The CBL submits some supervisory ratios to AFR for surveillance purposes. A TA mission from STA is scheduled to visit the CBL at end-April 2019 to assist the CBL with the preparation of the FSI workbook. | |
| External sector statistics: As part of the UK DFID Project, the CBL has been receiving sustained TA missions. The quality of the ESS has been improving gradually, although for surveillance purpose it is still not yet adequate. Balance of payments statistics are compiled quarterly since August 2016 on a BPM6 basis and have been submitted to STA since start of 2017. In addition, the CBL has recently started compiling preliminary annual International Investment Position (IIP). With a view to further improve data quality, new administratively sourced cross-border flows and positions have been tapped and the CBL has implemented in 2018 an International Transactions Reporting System (ITRS) as well as Direct Investment survey. The TA missions have also helped the compilers to prepare tables with longer time series data for publication in a user-friendly format to better satisfy users’ needs. | |
| II. Data Standards and Quality | |
| Participant in the enhanced General Data Dissemination System (e-GDDS) since October 2005. Metadata for most data categories were updated in November 2013. | No Data ROSC mission has been conducted. |
| III. Reporting to STA | |
| The authorities report quarterly balance of payments data, annual IIP for the IFS and BOPSY. Liberia does not submit FSIs to STA for publication on the IMF website and annual government finance statistics submissions for the GFSY have lapsed | |
Enhanced Data Dissemination Initiative (EDDI) phase 2 funded by the UK Department for International Development.
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has serious shortcomings that significantly hamper surveillance. Most affected areas are: national accounts, government finance, and balance of payments statistics. | |
| National Accounts: Comprehensive national accounts data are not available. Fund staff estimates GDP by activity using the production approach and primary source data provided by the Liberia Institute of Statistics and Geo-Information Services (LISGIS). Estimates for GDP by expenditure are not available. The authorities are developing benchmark estimates to compile GDP estimates with the 2016 base year. A full 12-month Household Income and Expenditure Survey (HIES) for 2016 was completed in February 2017 and the statistical abstract containing the broad findings has been published. The data will be used in developing preliminary estimates of household final consumption expenditure (HFCE). Moreover, the CPI basket has been re-weighted using the 2014 HIES data and latest CPI and HFCE estimates are being included into the GDP calculations. These GDP estimates will also incorporate the complete trade in goods data set. The national accounts staff is currently 40 percent under strength. It is urgent to recruit additional staff to bring the team up to complement. The National Accounts Annual Survey (NAAS) for 2016 was carried out and the survey results are available. However, data for key contributors are still outstanding due to the low response rates. | |
| Price Statistics: Assisted by the EDDI 2 project,1 the LISGIS introduced an updated CPI from the January 2019 publication by using expenditure weights and an updated market basket based on the Household Income and Expenditure Survey conducted during 2016. Currently prices are collected only in Monrovia but the LISGIS plans to introduce national collection once recently introduced enhancements are sustained. The LISGIS does not currently compile a PPI for Liberia because this requires that an Economic Census be conducted. | |
| Government Finance Statistics: Data reporting to STA for dissemination has lapsed. The last available data, which only covered the budgetary central government, corresponds to 2013. While currently compiled GFS largely aligns to the guidelines of the GFSM 2001/14, gaps remain, on the comprehensiveness of transactions in the statement of operations; and the institutional coverage of data. Not all external flows, on grants and loans, and associated expenditure are comprehensively captured in the statement of operations; and data coverage remains limited to the budgetary central government, Expenditure transactions are currently recorded on commitment basis, while all other transactions in the statement of operations are recorded on cash basis, to a large extent. No adjustment is made to bridge the timing difference of transactions on commitment and cash basis, in statement of operations of the budgetary central government, mainly due to the difficulty to accurately and timely capture cash expenditure. Improvements to data quality will require efforts to improve coordination and data sharing mechanisms between various data producing and data using units. Timely data reporting to STA should resume. | |
| Monetary and Financial Statistics (MFS): Liberia has recently completed the compilation of monetary data based on STA Standardized Report Forms (SRFs), and needs to finalize the implementation of the January 2019 TA recommendations. The implementation of the mission’s recommendation and the regular compilation of monetary data based on the SRFs is critical for surveillance. | |
| Financial sector surveillance: The CBL submits some supervisory ratios to AFR for surveillance purposes. A TA mission from STA is scheduled to visit the CBL at end-April 2019 to assist the CBL with the preparation of the FSI workbook. | |
| External sector statistics: As part of the UK DFID Project, the CBL has been receiving sustained TA missions. The quality of the ESS has been improving gradually, although for surveillance purpose it is still not yet adequate. Balance of payments statistics are compiled quarterly since August 2016 on a BPM6 basis and have been submitted to STA since start of 2017. In addition, the CBL has recently started compiling preliminary annual International Investment Position (IIP). With a view to further improve data quality, new administratively sourced cross-border flows and positions have been tapped and the CBL has implemented in 2018 an International Transactions Reporting System (ITRS) as well as Direct Investment survey. The TA missions have also helped the compilers to prepare tables with longer time series data for publication in a user-friendly format to better satisfy users’ needs. | |
| II. Data Standards and Quality | |
| Participant in the enhanced General Data Dissemination System (e-GDDS) since October 2005. Metadata for most data categories were updated in November 2013. | No Data ROSC mission has been conducted. |
| III. Reporting to STA | |
| The authorities report quarterly balance of payments data, annual IIP for the IFS and BOPSY. Liberia does not submit FSIs to STA for publication on the IMF website and annual government finance statistics submissions for the GFSY have lapsed | |
Enhanced Data Dissemination Initiative (EDDI) phase 2 funded by the UK Department for International Development.
Liberia: Table of Common Indicators Required for Surveillance
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means, as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Liberia: Table of Common Indicators Required for Surveillance
| Date of Latest Observation | Date Received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | |
|---|---|---|---|---|---|
| Exchange Rates | 2/2018 | Feb/2018 | D | M | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 1/2018 | Feb/2018 | M | M | Q |
| Reserve/Base Money | 1/2018 | Feb/2018 | M | M | Q |
| Broad Money | 1/2018 | Feb/2018 | M | M | Q |
| Central Bank Balance Sheet | 1/2018 | Feb/2018 | M | M | Q |
| Consolidated Balance Sheet of the Banking System | 1/2018 | Feb/2018 | M | M | Q |
| Interest Rates2 | 1/2018 | Feb/2018 | M | M | Q |
| Consumer Price Index | 1/2018 | Feb/2018 | M | M | Q |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | NA | NA | NA | NA | NA |
| Revenue, Expenditure, Balance and Composition of Financing3– Budgetary Central Government | 12/2017 | 02/2018 | M | M | Q |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 12/2017 | 02/2018 | M | M | Q |
| External Current Account Balance | 6/2018 | 9/2018 | Q | Q | Q |
| Exports and Imports of Goods and Services | 6/2018 | 6/2018 | Q | Q | Q |
| GDP/GNP | 2017 | 11/19/2018 | A | A | I |
| Gross External Debt | 9/2017 | 02/2018 | M | M | Q |
| International Investment Position6 | Q4/2017 | 6/2018 | Q | Q | Q |
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means, as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Liberia: Table of Common Indicators Required for Surveillance
| Date of Latest Observation | Date Received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | |
|---|---|---|---|---|---|
| Exchange Rates | 2/2018 | Feb/2018 | D | M | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 1/2018 | Feb/2018 | M | M | Q |
| Reserve/Base Money | 1/2018 | Feb/2018 | M | M | Q |
| Broad Money | 1/2018 | Feb/2018 | M | M | Q |
| Central Bank Balance Sheet | 1/2018 | Feb/2018 | M | M | Q |
| Consolidated Balance Sheet of the Banking System | 1/2018 | Feb/2018 | M | M | Q |
| Interest Rates2 | 1/2018 | Feb/2018 | M | M | Q |
| Consumer Price Index | 1/2018 | Feb/2018 | M | M | Q |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | NA | NA | NA | NA | NA |
| Revenue, Expenditure, Balance and Composition of Financing3– Budgetary Central Government | 12/2017 | 02/2018 | M | M | Q |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 12/2017 | 02/2018 | M | M | Q |
| External Current Account Balance | 6/2018 | 9/2018 | Q | Q | Q |
| Exports and Imports of Goods and Services | 6/2018 | 6/2018 | Q | Q | Q |
| GDP/GNP | 2017 | 11/19/2018 | A | A | I |
| Gross External Debt | 9/2017 | 02/2018 | M | M | Q |
| International Investment Position6 | Q4/2017 | 6/2018 | Q | Q | Q |
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means, as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts cannot be added.
Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.
Staff continue to examine if certain features of the exchange system are in compliance with Liberia’s obligations under Article VIII.