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Sunday, July 21, 2024

WORLD BANK SUSPENDS DISBURSEMENT TO LIBERIA OVER UNPAID LOANS

Date:

The World Bank has issued a notice to the Republic of Liberia informing them of the suspension of disbursements under various financial agreements. The decision was made due to the Member Country’s failure to fulfill its payment obligations by the specified deadline of November 14, 2023, Lyndon J. Ponnie, reports on the details.

In an official letter sent to Liberia, dated November 15, 2023, and signed by Ousmane Diagana, Vice President Western and Central Africa, the World Bank stated that unless all outstanding payments under multiple loans were received by the given date, the Bank would suspend withdrawals for all effective and not fully withdrawn International Development Association (IDA) financings, Project Preparation Facility (PPF) advances, and Institutional Development Fund (IDF) grants guaranteed by Liberia.

Additionally, the Bank highlighted that certain other grants and loans financed under trust funds overseen by the World Bank, either provided directly to Liberia or other recipients for projects within the country’s territory, could also face suspension.

This decision comes as a significant blow to Liberia, as it means they will lose access to crucial financial resources that were meant to support various development projects and initiatives within the country. The suspension took effect from 12:01 a.m., Washington, D.C., time on November 15, 2023.

Liberia now faces the challenge of meeting the payment requirements within the given timeframe to reinstate the disbursal of funds from the World Bank.

The exact amount of outstanding payments owed by Liberia has not been disclosed publicly at this time. However, it is clear that the situation must be urgently resolved to avoid further economic setbacks.

The World Bank’s decision highlights the importance of prompt and responsible repayment by Member Countries to maintain a healthy financial relationship and ensure continued access to development funds. Liberia must address its financial obligations in order to regain the Bank’s support and keep its development projects on track.

The Bank remains committed to helping countries like Liberia overcome development challenges and achieve sustainable growth, but adherence to payment obligations is of paramount importance.

Liberia now has a limited time to take corrective measures and fulfill its payment obligations to the World Bank. The country’s ability to negotiate repayment terms or seek alternative sources of funding will play a crucial role in resolving this issue and resuming financial support for its development initiatives. See the full letter below.

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