-To Safeguard Economy Amid Middle East Crisis
Washington, D.C.- Liberia’s Minister of Finance and Development Planning, Augustine Kpehe Ngafuan, and the Liberian delegation met with Mr. Ousmane Diagana, Regional Vice President of the World Bank for Western and Central Africa along with Senior Managers & Diectors on the sidelines of the IMF/World Bank Spring Meetings to discuss the profolio performance of key sectors of the ARREST agenda and assess the economic implications of the ongoing Middle East crisis and explore mitigation measures.
Minister Ngafuan briefed the World Bank team on the direct and emerging impacts of the crisis on Liberia’s economy. He highlighted rising global oil prices as a key transmission channel, noting that the Government of Liberia has already adjusted domestic petroleum and fuel prices twice in response to external shocks. Furthermore, Minister Ngafuan expressed fear that the crisis could impact other sectors of the economy.
On that note, Minister Ngafuan outlined the Government’s ongoing policy response, including measures to stabilize the domestic economy, manage inflationary pressures, and protect vulnerable populations. In addition, these measures include targeted interventions to ease transportation costs, such as public transport subsidies and related support mechanisms aimed at cushioning the impact on low-income households. Moreover, Minister Ngafuan emphasized the importance of sustained international support as Liberia navigates a volatile global environment.
During the meeting, the delegation also held a focused sectoral portfolio discussion, bringing together key implementing agencies. Contributions were made by Hon. Roland Giddings of the Ministry of Public Works; Hon. Mohammed Sheriff, Managing Director of the Liberia Electricity Corporation; Minister of Agriculture, Dr. J. Alexander Nuetah; Hon. Mohammed Ali, Managing Director of the Liberia Water and Sewer Corporation; Director General of Liberia’s National Fisheries and Aquaculture Authority, Cyrus Saygbe; and Hon. Nyekeh Yarkpao Forkpa, Deputy Minister for Administration at the Ministry of Education.
The session provided targeted updates on sector-level impacts and response measures. Mr. Diagana reaffirmed the World Bank’s strong and continued support for Liberia. He noted that the Bank is actively exploring additional financing and policy support options for Liberia and other countries significantly affected by the crisis. In particular, these efforts, he said, will focus on safeguarding macroeconomic stability, strengthening resilience, and protecting the most vulnerable segments of the population.
Finally, both sides underscored the importance of close coordination between the Government of Liberia and the World Bank to ensure timely and targeted interventions in response to evolving global risks.
