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President George Weah announced that his country would go to the IMF on May 29, 2019, while speaking to the Liberians in the Liberian capital, Monrovia, about the poor state of the country's economy.
According to him, "we will soon be hosting a team from the International Monetary Fund to create a tailor-made IMF program for Liberia".
He stressed that "such a program will help us take the necessary steps to stabilize our economy, restore confidence in our currency and provide technical badistance to continue to provide social services."
Requirement
Mr. Weah said that "an IMF program requires greater discipline in government budgets."
He revealed that "we will introduce wage ceilings for government employees and ask our legislators to share the burden as well".
The President announced that "we will review the performance and revenues of our SOEs, to ensure that leaks or inefficiencies do not compromise the government's ability to support its people."
Justification
He sought to justify his administration to the IMF on the grounds that other African countries, including Ghana, Rwanda and Senegal, had benefited from the IMF bailout.
"We have seen other African countries, including Ghana, Rwanda and Senegal, benefit from IMF programs, and I think Liberia can do the same."
The last bailout of the IMF in Ghana lasted three years and took place in 2015 as part of the National Democratic Congress, chaired by former President John Mahama, accused of corruption, blatant incompetence and mismanagement.
The total amount Ghana has received under the program is approximately $ 920.58 million. This came with strict conditions, including restrictions on recruitment and borrowing.
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