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Monrovia, Liberia –The Hungarian government has offered a $50 million credit facility to Liberia.
The offer was made during a courtesy visit by the Hungarian Ambassador to Liberia, Ambassador Tamas Endre Feher, to the Ministry of Finance and Development Planning on Wednesday, July 17, 2024.
According to a finance Ministry release, during the courtesy meeting, Hungarian Ambassador to Liberia, Endre Feher, urged the Ministries of Finance and Development Planning and Foreign Affairs to develop a concept aimed at accessing the credit facility. Ambassador Feher stated during the meeting at the Ministry of Finance and Development Planning that this concept would outline programs aligned with the government’s development agenda.
The Hungarian Envoy reportedly inquired about the progress of the government’s negotiations with the International Monetary Fund (IMF) regarding the Extended Credit Facility, particularly in relation to accessing Hungarian funding.
The release noted that Ambassador Feher praised the ongoing relationship between Hungary and Liberia, highlighting their collaboration in development and education, specifically scholarship opportunities, as rewarding. He promised Hungary’s commitment to providing more scholarships for Liberian students to study in Central European countries, from bachelors to doctorates.
In response, the Acting Minister of Finance and Development Planning of Liberia, Hon. Anthony G. Myers, reaffirmed the Government of Liberia’s dedication to fostering extensive cooperation for the transformation of the country’s economic sectors under the leadership of President Joseph N. Boakai while welcoming the Hungarian delegation.
Minister Myers emphasized the need for increased development cooperation between Liberia and Hungary, stressing that such efforts will yield successes. Minister Myers underscored collaboration, understanding, and the completion of initiatives that will positively impact all sectors of the economy.
Speaking specifically about the IMF Extended Credit Facility, Minister Myers indicated that, as part of the program, the country’s debt portfolio is being presented and reviewed. Hon. Myers said Liberia will engage in sustainable borrowing and examine progress on its capacity to pay debt when it is due.
He concluded that the Ministries of Finance and Development Planning and Foreign Affairs will engage in the soonest to identify project activities and discuss interest and other concessionaire issues concerning the Hungarian proposed credit facility.
The meeting between Minister Myers and Ambassador Fehr was also attended by Deputy Minister for Economic Management, Hon. Dehpue Y. Zuo, Deputy Minister for Administration, Hon. Bill McGill Jones, and other members of the visiting Hungarian delegation.
During the interaction, the Acting Minister of Finance and Development Planning of Liberia, Hon. Anthony G. Myers, reaffirmed the Government of Liberia’s dedication to fostering extensive cooperation for the transformation of all economic sectors under the leadership of President Boakai while welcoming the Hungarian delegation.
By: James Yekehson Forkpa Jr.
