In December the IMF concluded its fifth review of the country's economic performance under the extended credit facility (ECF), enabling the disbursement of US$6.8m (December 2010, Economic policy). Disbursements have now reached US$360.4m out of the total US$367.2m included in the ECF programme, which covers the period from March 2008 to March 2011. The government's prudent macroeconomic policies, balanced budget and continued efforts to promote structural reforms were all praised by the Fund, as was the reaching of completion point under the heavily indebted poor countries initiative. Fund officials praised the government's emphasis on infrastructural development, but called for improvements in implementation through more effective project identification and appraisal and better procurement and cash management procedures, as part of broader efforts to strengthen public financial management.

The Fund also completed the country's Article IV consultation for 2010, which similarly commended the government for satisfactory implementation of the poverty-reduction strategy and various reforms. Along with the praise for macroeconomic stability and fast economic growth, officials also emphasised the challenges in the medium term arising from price volatility in the commodities that constitute Liberia's most important exports, as well as the country's other considerable developmental needs. Officials noted that the planned launch of a market for Treasury bills will improve liquidity management and boost demand for the Liberian dollar, and called for further strengthening of this sector to improve access to financial services. The positive tone of both assessments reflects a generally productive relationship between the current administration and the Fund. This has ensured that the government has implemented structural reforms while enjoying the Fund's financial support as well as debt relief.