Liberia’s Economic Clean-up  Begins

Liberia is cleaning up its act to rebuild investor confidence and turn around its crisis-hit economy as the country looks to recover from a period of economic decline after the currency lost more than a fifth of its value against the dollar and inflation accelerated to 30% by the end of its previous fiscal year in which public debt also increased by almost a third.

As public protests grew louder against the rule of President George Weah after two years in office, the government has turned to the International Monetary Fund for a bailout.

Among its many ills, authorities have agreed to cut back on its bloated wage bill, end borrowing from the central bank and improve fiscal and monetary governance.

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One of the world’s poorest countries with a gross domestic product of less than $3.5 billion, Liberia has struggled to shake off the legacy of civil war that ended in 2003 and the worst ever outbreak of Ebola more than a decade later which derailed its recovery.

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