-Climbs to US$2.21 Billion
By Vaye Abel Lepolu
Monrovia— President Joseph Nyumah Boakai has disclosed that Liberia’s total public debt stood at US$2.21 billion as of December 31, 2023, reflecting an8.67 percent increase rom the US$2.08 billion recorded at the end of 2022.
Speaking during his January 2024 State of the Nation Address, President Boakai said the current debt level highlights a sharp rise when compared to the US$878.17 million debt stock reported at the end of December 2017, pointing to years of rapid accumulation and mounting fiscal pressure.
The President noted that external debt,obligations owed to non-resident creditors,accounts for a substantial share of Liberia’s public debt, with the World Bank and the International Monetary Fund (IMF) identified as the country’s largest creditors.
Boakai further revealed that Liberia is under financial sanctions due to unpaid dues to the African Union (AU) and the African Development Bank (AfDB), a situation that continues to affect the country’s financial standing and access to regional support.
He also cited missed development opportunities, disclosing that a default of about US$650,000 to the European Investment Bank (EIB) has blocked the disbursement of more thanUS$13 million intended for road infrastructure projects.
On debt sustainability, the President said the FY2025 draft national budget includes provisions for debt servicing as the government seeks to keep public debt within sustainable limits, in line with ECOWAS’ debt-to-GDP threshold of 70 percent.
While debt pressures remain a central concern, Boakai highlighted the administration’s US$8.3 billion ARREST Agenda, a national development plan expected to be financed largely through private sector investment and development partners, who are projected to contribute about 70 percent of the required funding.
