–Finance Minister Says IMF Support Helped Liberia Weather Major Economic Shocks, Secure Critical Financing, and Maintain Stability under the Boakai Administration as Daehaeng Kim Concludes His Assignment
MONROVIA – The Government of Liberia on Friday honored outgoing International Monetary Fund (IMF) Chief of Mission Daehaeng Kim, with Finance and Development Planning Minister Augustine Kpehe Ngafuan crediting the IMF partnership for helping steer the country through a challenging period of economic recovery, fiscal reforms, and macroeconomic stabilization.
The recognition ceremony, hosted by the Ministry of Finance and Development Planning (MFDP), brought together senior government officials, representatives of international financial institutions, development partners, and members of the diplomatic community to celebrate Kim’s contribution to Liberia’s economic reform agenda during his tenure as IMF Mission Chief.
Delivering the keynote tribute, Minister Ngafuan described Kim as a trusted partner whose leadership and engagement helped Liberia achieve significant milestones under the IMF-supported Extended Credit Facility (ECF) Program and secure approval for the Resilience and Sustainability Facility (RSF), a major financing mechanism designed to strengthen climate resilience and sustainable development.
Reflecting on the early days of his tenure as Finance Minister, Ngafuan recalled intensive negotiations with the IMF shortly after assuming office in September 2024.
“We had some tough negotiations, but at the end of the day, we found common ground based on trust,” Ngafuan said. “They trusted us, we trusted them, and together we delivered results for Liberia.”
The Finance Minister noted that Liberia faced multiple economic shocks during the period, including global economic uncertainties and disruptions to development financing. He specifically referenced the impact of major changes in international assistance programs, which placed additional pressure on the country’s economy.
“At one point, it appeared as though the sky was collapsing on us,” Ngafuan said. “But the IMF remained with us every step of the way, providing guidance and helping us navigate difficult circumstances.”
According to him, the IMF’s support enabled Liberia to maintain macroeconomic stability, strengthen public financial management, improve domestic revenue performance, and sustain investor confidence at a time when many developing economies were struggling.
Ngafuan emphasized that while the benefits of macroeconomic stability are not always immediately visible to ordinary citizens, they are essential to protecting jobs, preserving purchasing power, maintaining public services, and ensuring the smooth functioning of the financial system.
“Some of the things the IMF helped us achieve are like the roof over your head,” he remarked. “You may not appreciate it every day, but you will certainly notice when it is gone.”
The Minister also highlighted Liberia’s successful access to the IMF’s Resilience and Sustainability Facility, describing it as a significant achievement that positions the country to attract additional financing for climate adaptation and sustainable development initiatives.
“Many countries are still trying to access this facility,” Ngafuan noted. “Liberia has succeeded because of strong collaboration, credible reforms, and the confidence our partners have placed in us.”
While acknowledging that challenges remain, he expressed optimism about the country’s trajectory and praised President Joseph Nyuma Boakai’s commitment to sound economic governance. “We still have miles to travel on our development journey,” Ngafuan said. “We still have mountains to climb. But one thing is certain: Liberia today is not where it was yesterday.”
He credited the IMF, World Bank, African Development Bank, European Union, and other development partners for helping Liberia remain on course during a critical period of transition and reform. Addressing Kim directly, Ngafuan thanked the outgoing IMF official for his service and dedication to Liberia. “You have not simply served a government,” the Finance Minister said. “You have served the Liberian people. Your contribution will be remembered.”
Kim is expected to assume a new assignment within the IMF system, but officials expressed confidence that the strong partnership between Liberia and the Fund will continue as the country pursues its development objectives under the ARREST Agenda for Inclusive Development.
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