Liberian officials were also warned to desist from using scarce foreign exchange reserves to support the value of the country’s domestic currency. With accommodative monetary policy meeting fiscal needs, the exchange rate depreciated by 26 percent over the year, and inflation accelerated to 28 percent at end-December. Liberian officials were also warned to desist from using scarce foreign exchange reserves to support the value of the country’s domestic currency. CONSULTATIONS BETWEEN LIBERIAN officials and experts of the World Bank and IMF were brutally frank. Liberian officials were warned in March about the administration’s loosened fiscal stance, wherein the Weah administration was spending more than it was collecting in revenues.

Source: Front Page Africa April 15, 2019 01:30 UTC