Monrovia, Liberia – The government of Liberia has been given a revenue boost through direct support to the fiscal budget by the World Bank.

It comes after the Board of Directors of the World Bank approved a direct budget support of U.S. $40 million.

A government of Liberia statement said the decision was taken on Tuesday, March 17, at a board meeting of the World Bank held in Washington, DC.

Recently the government of Liberia began implementing key financial reforms and austerity measures in a bid to strengthen the overall economic governance of the Country.

The statement said Tuesday’s approval is an attestation that the administration of President George M. Weah has met key governance and fiscal indicators set out by the Bank as a precondition to such direct budget support.

The indicators range from good governance performance to fiscal prudence.

A formal agreement was signed on the morning of Wednesday March 18, 2020 at the World Bank Liberia Country office in Monrovia between Finance Minister Samuel Tweah and World Bank Country Manager Kwima Nthara.

The approved support was captured in the 2019/20 national budget and signals the World Bank’s expressed confidence in ongoing fiscal, monetary and governance reforms.

The support follows the signing of a 213 million IMF extended credit facility as well as other recent budget support from the European Union and the African Development Bank.

A Government of Liberia statement thanked the international development community for its support and confidence and promises to deepen reforms and to continue to improve the quality of governance in Liberia.