WORLD TRADE
ORGANIZATIONWT/L/357
15 June 2000
(00-2386)
Original:  English
LIBERIA – REQUEST FOR OBSERVER STATUS
Communication from Liberia
The following communication, dated 13 June 2000, has been received from the Minister of
Commerce and Industry of Liberia.
_______________
On behalf of the Government of the Republic of Liberia, I have the honour to submit the
application of the Government of the Republic of Liberia for observer status in the General Council of
the World Trade Organization (WTO) and its subsidiary bodies.
In this connection, I would like to state that it is the intention of the Government of the
Republic of Liberia to apply for accession to the WTO Agreement in the near future.  In the
meantime, the observer status would help the Govern ment of Liberia to familiarize itself with the
WTO and its rules and procedures.
In accordance with the Rules of Procedure of the General Council, I am enclosing herewith
the Memorandum of the Foreign Trade Regime of Liberia.
I should like to request you to place this application and the accompanying document before
the General Council at its next meeting.WT/L/357
Page 2
AN OVERVIEW OF LIBERIA'S ECONOMIC POLICY AND
FOREIGN TRADE REGIME
I. INTRODUCTION
1. Liberia, a country with an area of 37,000 square miles, lies on the West Coast of Africa.
Forty-five per cent (45%) of the land is forested.  Marshy Atlantic Coastline rises to low mountains
and plateaus in the forested interior.  Six majo r rivers flow in parallel courses to the ocean.
2. Population estimate is about 2.9 million (1999), and about 60 per cent live in urban areas.
The average annual growth rate is 3.4 per cent.  Estimated density is 52 per square kilometre.  The
country is endowed with high grade iron ore, rubber, rich diamonds, gold, bauxite, fish, coffee, cocoa,
natural gas, oil, etc. and a tropical forest of approximately 12 million acres.
3. During the decade of the 1989s, prevailing conditions in the economy were characterized by
general contraction in economic activity;  the breakdown of fiscal discipline and unsustainable
deficits;  widening external imbalances;  the accumulation of domestic and external payment arrears,
and a virtual collapse of the financial system.  In terms of fiscal performance, the public sector deficits
for the decade prior to the civil war were due to th e narrow revenue base and declining prices for the
country's traditional exports.  These problems were exacerbated by expenditures which far exceeded
revenue, with about 40 per cent of Government's e xpenditures occurring outside the regular budgetary
channels.
4. The civil crisis worsened an already deteriorating economic situation.  Almost all sectors of
the economy have been adversely affected and most productive activities remain dormant.
5. Industries that have been reactivated are operating far below their pre-war level of capacity.
The downturn in economic activity is reflected in stagnant output, decreased level of exports, and
imports of consumer goods.  The creation of conditions for private sector expansion remains the key
issue for improving economic performance and the prospects for future growth and development.
6. Social services available in the areas of health and education are virtually decimated.
Whatever remains is considerably compromised in quality and accessibility.  This poor state applies to
other services including water, sanitation and most utilities and economic services.  In general,
poverty has become more pervasive and acute and the vicious cycle between increasing poverty and
environmental degradation, observed in similar situations elsewhere, has also become visible.
II. ECONOMY AND FOREIGN TRADE
A. THE ECONOMY
1. General description of the economy
7. A prominent feature of the Liberian economy is its overwhelming reliance on trade in primary
commodities and external assistance, a characteristic similar to many sub-Saharan African countries.
As a major source of economic growth, the economy heavily depended on the production and export
of primary commodities:  iron ore, rubber and forestry products.  For internal consumption
particularly manufacturing and construction, production largely depends on imports of intermediateand capital goods.  Foreign trade thus plays a major role in the economy.  Export earnings usually
averaged about 50 per cent of GDP at constant market prices.  In the decade prior to the war, iron ore,
rubber and logs constituted about 80 per cent of total exports.  Major imports were foodstuff
(primarily rice), fuel and lubricants, transport equipment, manufactured goods and chemicals.WT/L/357
Page 3
Expenditures on these items averaged about 83 per cent of total imports over the decade prior to the
war.
8. This heavy reliance on the export of a few primary goods and imported commodities render
the economy vulnerable to the whims of the international market as the prices of major products on
which the country depends are usually volatile.  Furthermore, the level of external assistancedepended on the prevailing conditions in donor coun tries and their policy.  Under these conditions,
effective management of the national economy is mo st crucial.  Unfortunately, over a protracted
period, economic management has been flawed by structural and policy deficiencies and weak
implementation.
2. Current economic conditions
9. In terms of economic conditions, the situation has been declining for 15 years prior to the
war.  The war intensified the decline.  Consid ering the vulnerability of the economy to external
factors and the inefficiency of economic management, the poor performance can be attributed to
external and internal disequilibria.  Externally , the declining international economy affected the
export subsector, resulting to a decline in value of its major exports (rubber, timber) by about 100 per
cent.  Simultaneously, the cost of its major imports (petroleum products) soared to about 25 per cent.
10. The scale of the damage brought by the war could be assessed from the following figures:  at
the end of the war in 1997, less than 30 per cent of the country's public health facilities were
operating.  Close to 70 per cent of the country's educational facilities, including all the campuses of
the University of Liberia, were extensively damaged or destroyed beyond repair.  Much of the
electricity generating and water supply facilities have also been damaged.  In the area of economic
activities, virtually all the major productive sectors, notably agriculture, iron ore and rubberproduction, experience serious disruption.  In fact, owing to the extensive damage caused to its
infrastructure, iron ore production which prior to the war accounted for about 24 per cent of GDP and
over 60 per cent of total merchandise export earnings, was completely disrupted and would require
huge capital outlays to revive.  The impact of this disruption of production activities on the economy
is reflected in the fact that at the end of the war, Liberia's GDP is estimated to be less than 50 per centof its pre-war level.  However, it must be noted that even prior to the war, the Liberian economy had
been on a long-term decline, with the annual av erage GDP growth rate having dropped sharply from
5 per cent in the early 1970s to less than 1 per cent in the 1980s.
3. Economic development strategy and sectoral priority
11. With the ushering in of a democratically elected Government, and efforts to maintain a
peaceful environment, there have been some level of  recovery in economic activities and the return of
many Liberians including professionals.  The Government has also taken bold initiatives for economicreforms.  The initiatives inter alia  include:
(a) Operationalizing a cash-based budget;
(b) initiating policy decision on resolving the multiple currency issue which is now in
circulation and adopting a hybrid system which institutionalizes both US dollar notesand the Liberian dollar notes as legal tender;
(c) rescinding the Liberian dollar unrealistic parity with the US dollar and allowing the
market to determine the exchange rate between the two currencies;WT/L/357
Page 4
(d) establishing the Special Presidential Commission with the view to making
appropriate recommendations for restructuring and the revitalization of the banking
system;
(e) commission a diagnostic audit of the Ministry of Finance;(f) the setting up of the Central Bank of Liberia which is now fully operational;(g) establishing an Economic Advisory Council to advise the President on
economic/financial matters, taking into consideration present realities and future
prospects;
(h) addressing Government's salary arrears.
12. On the social front, a fundamental step has been taken within the context of the budget to
prioritize health and education.  The above initiatives undertaken by the Government have begun to
impact favourably on the general socioeconomic situation.  The interventions provide meaningfulfoundation upon which more comprehensive measures can be undertaken.
13. Currently, it is noteworthy that significant efforts have been made in restoring water supply,
electricity, education and health services in Monrovia.  Many potholes in the city and highway streets
have been filled.  Economic activities are increasing and many businesses are expanding in the
leeward counties.  The two largest rubber-producing companies have resumed operation.  Severallogging companies are also in operation.  This has positively impacted on employment, although still
below the pre-war level.
14. While these developments have begun to impact on the lives of the people, there still remain
significant gaps to be addressed in order to more fully meet the needs of the country.  The
Government therefore intends to build upon these initiatives by implementing a multidimensionalsocioeconomic programme.  The primary focus will be to:
(a) Reconcile, reintegrate and empower the people to achieve sustainable livelihoods in a
mutually supportive community environment;
(b) reconstruct basic socioeconomic infrastructure, rehabilitate agro-industrial production
to stimulate growth and increase the level of food security;
(c) restructure the financial and fiscal systems and strengthen economic management in
order to achieve monetary stability, a viably competitive banking sector and fiscal
equilibrium;  and
(d) rebuild social and economic institutional capacities of the Government with the view
to enable it to efficiently deliver socioeconomic services and to foster private sector
development as a catalyst for development and poverty reduction.
B. F
OREIGN TRADE
1. The structure of foreign trade
15. The Liberian economy is highly dependent on foreign trade.  Its major natural resources
which account for over 60 per cent of GDP is exported, over 80 per cent of consumer goods for the
market is imported.  Liberia adheres to a policy of multilateralism.  It fosters an open and highly
competitive Liberian market.  Majority of its exports goes to traditional markets and imported goodsWT/L/357
Page 5
are from almost every continent.  The Ministry of Trade and Industry, under whose purview this
sector falls, consists of a Trade Promotion Unit for the development, expansion and diversification of
trade and a Trade Information Unit, basically for accessing new markets for trade.
16. There are no quantitative restrictions on imports.  However, there are import prohibitions
which are subject to special licensing:  firearms, ammunitions and other explosives, narcotics,dangerous drugs and live animals.
17. The Liberian civil war which lasted for seven y ears left the Liberian foreign trade in complete
shambles, hence its ability to provide efficient trade intelligence for goods entering and leaving its
commerce was seriously affected.
18. Importers and exporters took advantage of the situation.  There was a proliferation of
substandard goods on the market, prices of essential commodities were skyrocketing and most
importantly, the value of Liberia's exports was undervalued.
19. Against this backdrop, the Government of Liberia re-introduced the comprehensive
preshipment inspection scheme in 1997 and contracted the services of BIVAC International (Bureau
Veritas) to verify the quality and quantity of imports and exports.
20. Cognizant of the desire of the Government to foster, encourage, develop and promote an
efficient and effective Intellectual Property Trade Industry, an act adopting a new copyright law ofLiberia was enacted by the National Legislature in July 1997.  The mandate for the establishment of
the Copyright Office was given by the President on 26 January 2000 and Liberia's first copyright
management board has been installed.
21. Export trade is now dominated by rubber.  Prior to the civil crisis of 1990, export trade was
dominated by iron ore.  In 1984, export value of iron ore amounted to $91.3 million followed by$22.6 million for round logs.  In 1994 with the dormancy of the iron ore subsector, rubber became the
major export, with a total export of $3.9 million and an overall export of $4.6 million.
22. However, with elections in 1997 and a favourable political and economic atmosphere, the
export trade of rubber rose from $3.9 million in 1994 to $8.1 million in 1996, $19.4 million in 1997
and $23.07 million in 1998.
23. Concurrently, on the import side, miscellaneous manufactured articles accounted for about
27 per cent of total imports, followed by food and live animals which accounted for about 22 per cent
of total imports of $363.2 million in 1984.  Similarly in 1997 imports of food and live animals
accounted for 30.3 per cent of total imports of $212 million followed by 25 per cent for miscellaneous
manufactured articles (see Annex II).
2. Value and volume of foreign trade
24. Since the civil crisis of 1989, the value and volume of foreign trade has declined significantly
due to the dormancy of the iron ore sub-sector and the complete destruction of the infrastructure.
In 1984, the value of import was $353.2 million and export was $452.1, with imports of $97.2 in
machinery and transport equipment as the largest imported commodity. On the export side, the
amount of $279 million was generated from iron ore, the single largest export commodity.  In 1994, a
total import of $69.1 million was recorded and export of $4.6 million, with food and live animalsrecording the largest import commodity of $22.4 million and rubber the largest export commodity
with a total value of $3.9 million.WT/L/357
Page 6
25. The period after the elections of 1997 saw a gradual shift in trade.  In 1997 imports rose to
$212.5 million and exports to $25.3 million.  In 1998, imports dropped to $113 million and export
increased to $39 million.  In 1999, imports slightly increased to $168.4 million whilst export
increased to $52.05 million.
3. Foreign trade balance
26. Liberia experienced favourable trade balance for the period leading to the civil crisis.
Whereby exports almost doubled that of imports .  For example, in 1985, US$435.4 million value of
commodities was exported as compared to US$284 million value of commodities imported with a
favourable balance of trade of US$151 million.
27. To the contrary, during the civil crisis, balance of trade showed negative signs, with virtually
all infrastructure damaged and the major source of export commodities dormant.  In 1994, its balance
of trade fell to minus $64.6 million with imports being $69.1 million and exports being $4.6 million.
28. However, after the cessation of hostilities, and with the election of a democratic government,
there is a slight improvement in overall trade.  In 1998, the trade of balance was minus $74 million
with imports totalling $113 million and exports of $39 million.
4. Trade by geographic areas
29. The source of Liberia's imports continues to be characterized by the dominance of three
regional blocs, namely:  EU countries with about 37 per cent of total in 1997 and about 43 per cent of
total in 1998, followed by Asian countries with about 39 per cent in 1997 and 33 per cent in 1998 and
the United States of America with 15 per cent in 1997 and 9 per cent in 1998.
30. Another region which is becoming a major source of imports is Africa, especially the West
African subregion, due to the gradual integration of markets.  In 1997 imports amounted to about8 per cent of total, while in 1998 there was an increase to about 13 per cent of recorded trade; this
figure should be much higher, but due to the porosity of the borders, monitoring becomes a problem.
31. Similarly, on the export side, its markets for export continue to be dominated by three
regional blocks:  North America, Europe and Asia.  In 1997, the percentage share of exports to Asia
was of 49.57, Europe 27.03 and North America of 23.4.  In 1998, the percentage share of exports to
North America was of 60.21, Europe 30.91 and Asia 8.88.  In 1999, the percentage share of exports to
North America was of 57.59, Europe 34.68 and Asia 7.73.
III. POLICIES AFFECTING TRADE IN GOODS
A. F
OREIGN TRADE REGIME
32. Liberia became an active member of the Customs Cooperation Council (CCC) now World
Customs Organization (WCO) on 25 January 1953.  Its active membership status was disrupted by the
civil crisis of 1990. Liberia is also a charter member of the Mano River Union ((MRU) and theEconomic Community of West African States (ECOWAS).  Liberia used the Brussels Tariff
Nomenclature (BTN) until it was replaced the Harmonized System (HS) tariff structure in 1974.
According to the HS tariff, most of the goods imported with specific duty rates were replaced by ad
valorem rates, except rice, petroleum products, and locally produced beverages. In the tariff structure,
goods, whether dutiable or not, are given a tariff code and classified on the basis of their type andcharacteristics into three schedules (import, duty free and export), 21 sections and 99 chapters.
However, the Government of Liberia enacted a tariff code in October 1997, to meet its prevailingWT/L/357
Page 7
economic needs.  The 1997 tariff code is divided into three categories:  essential (0-15 per cent),
non-essential (16-50 per cent) and luxury (above 50 per cent).
(a) Application of internal taxes on import
33. In addition to the collection of customs duty on imports, excise taxes are collected on locally
manufactured goods and petroleum products.  Raw materials imported for local production are subject
to import duties at the rate of 2.5 per cent.  Up to this submission, the sales tax which shall come into
force in the new tax code for 2000 is not applicable. The highest rate of excise tax is 25 per cent and
the lowest is 2 per cent.
(b) Tariff preferences
34. Liberia enjoys two multilateral tariff preferences, which are: ECOWAS Tariff, and Lomé
Convention under the European Union - Afri ca, Caribbean and Pacific States (EU/ACP)
(c) Tariff exemption
35. Liberia tariff exemption is based on international agreements and national regulations such as
the investment code.
(d) Other duties and charges
36. A service fee known as Customs Users Fee (CUF) of 5 per cent is applicable on imports.
Other fees such as Protective Tariff of 25 per cent against imported goods similar to the kindsproduced locally; Punitive Tariff ranging from 5 to 25 per cent against imported vehicles with an age
exceeding five years.  Bonded Warehouse fees are US$1,000 and US$1,500 per quarter for storage of
in and outside the Freeport of Monrovia.
(e) Import restrictions
37. For Liberia, import restrictions are on narcotics, arms and ammunitions.  All imports are
subject to customs inspection and examination.
(f) Customs valuation
38. Liberia has not ratified any international agreement on customs valuation; however, Liberia
has an "inactive membership" status with the WCO.  Liberia's valuation system is based on the
principal "acceptable fair market value" which provides the basis for accepting original certifiedinvoices. Customs regulations require the declarant to present original certified invoice(s), bill(s) of
lading, import permit declaration and insurance certificate(s) where necessary.  The Liberia Customs
has the authority to determine the correct duty based on standard international commodity values.
(g) Customs formality
39. Liberia subscribes to the Kyoto Convention on the Simplification and Harmonization of
Customs Procedures. The standards set by the Convention have been adopted by the Customs Code as
enshrined in the Revenue and Finance Law of Liberia.
1. Export regulations
40. There is a 5 per cent export duty on agricultural (rubber, coffee, cocoa) and forest products
and scraps.WT/L/357
Page 8
41. An Export Permit is issued as follows:
Institutions Export Requirements
Commerce Export Permit Declaration (EPD)
Finance Export EntryAgriculture Phytosanitary Certificate
Forestry Development Authority (FDA) FDA Export Clearance
42. The exporter is required to submit a letter with relevant documents to the institution as
specified above, indicating quantity and goods to be exported, destination and f.o.b. value.
(a) Export licensing procedures
43. A license to export is required of all commodities exported or re-exported. Export permits for
timber are issued by the Forestry Development Authority (FDA);  permits for other agricultural
products are issued by the Ministry of Agriculture, permits for mineral products are issued by the
Ministry of Lands and Mines and all categories of exports are licensed by the Division of Foreign
Trade, Ministry of Trade and Industry.
44. A preshipment inspection is required by BIVAC International for a fee of 1.4 per cent of
f.o.b. value sanctioned by the Ministry of Trade and Industry.
45. As far as Liberian Government regulations are concerned, export entry forms in eight copies
are to be furnished for all commercial shipments and an export license is required for all nature of
goods.
(b) Registration requirements for engaging in export
46. Individuals or firms wishing to engage in export or become registered should first submit a
letter of application to the Assistant Minister for Commerce stating proposed name of business,
nature, capital and location.
1. Category of business
A. Sole proprietorship requirements:
1. Notary certificate
2. Prospectus of business
3. $500 official revenue receipt
4. $5 revenue stamps
5. Photocopy of residence/work permit (if foreign owned)
B. Partnerships
1. Probated partnership agreement - through the monthly and probate court, R.L.
2. Notary certificate
3. Prospectus of business
4. $600 official revenue receipt
C. Corporation
1. Articles of incorporation - processed through the Ministry of Foreign Affairs, at a fee
of $124 (filing fees) and $15 revenue stamps affixed to the articles of incorporation.
2. $700 official revenue receiptWT/L/357
Page 9
(a) For a corporation established under the laws of Liberia: submission of
authenticated copy of Memorandum of Association signed by the
Incorporator.
(b) For a foreign corporation:  submission of documentary evidence of
incorporation and power of attorney duly notarized by the proper officers ofthe foreign country with copy of prospectus.  Foreign companies must either
have a registered agent residing in Liberia or a resident office.
D. Minimum export price
There is no minimum export price requirement by law.
2. Government incentives to exporters
47. Government grants incentives to companies depending on whether the investment is in areas
of Government priority and the value-added criter ia. Export-oriented companies receiving investment
incentives from the Government, receive up to 90 per cent exemption from import duties on capital
goods and raw materials required in the manufacture of the final products, reasonable tariff protection
and exemption from tax levies and other charges except consular fees on construction materials andsupplies.
48. Manufactured products for the export market are exempted from excise taxes.
3. Regulations of goods in transit
(a) 2.5 per cent customs users fee;
(b) Quarterly payment of US$500;(c) Bonded carrier with a customs seal for conveyance of goods;
(d) Transshipment entry;
(e) Landing certificate, as indication of importation in the consigned country.
B. O
THER POLICIES AFFECTING FOREIGN TRADE
1. Industrial policy
49. The Government has initiated a strategy of diversification to increase export earnings. The
nucleus of this strategy is the processing, semi-processing of raw materials and agro-allied industries
based on local raw material thus realizing the "Made in Liberia concept".
50. The Liberia Industrial Free Zone provides incentives such as duty-free privileges, tax
holidays, site and infrastructure to promote export oriented industries.
51. For those export-oriented industries, there are special investment incentives from the
Government.  They receive up to 90 per cent exemption from capital goods and raw material required
in the manufacture of final products, reasonable tariff protection, and exemption from tax levies.
Excise taxes are levied on the production, sale or consumption of all products manufactured locally.
2. Agriculture policy
52. The Government of Liberia has made agriculture productivity one of the five pillars of
reconstruction and development.
53. Thereby, the Government is seeking investment in the agriculture sector to achieve increased
productivity and self-sufficiency.  According to the 1999 FAO report, production is now 70 per centWT/L/357
Page 10
of pre-war level.  Increases in rice and agricultural output were enhanced mainly by improved
extension services and the introduction of more capital-intensive technologies and modern methods.
3. Fiscal and monetary policy
54. Prudent fiscal policies remain the cornerstone of the Government's macroeconomic strategy in
2000, with a balanced cash budget targeted for the year as a whole, as well as on a quarterly basis.This will be achieved by maintaining a tight stance on expenditure while implementing
revenue-enhancing measures, including transparency reflecting all revenue and expenditures of the
Central Government in the budget.
55. The Government recognizes the need to adopt prudent fiscal policies to rebuild confidence in
the economy and to encourage private sector activity.  The fiscal programme focuses extensively on
an adherence to expenditure controls.  In this regard, a budget analysis task force with representatives
from the Ministry of Finance, the Bureau of the Budget, the Central Bank of Liberia, the Civil ServiceAgency and the Ministry of Planning and Economic Affairs was established in 2000.
56. To address the problem of salary arrears, the Government will make available priority
funding on a monthly basis for the payment of sala ries.  As part of the submission process, a
contingency reserve will be established, equivalent to some 6 per cent of quarterly revenue.  With the
assistance of the IMF, the Government has reviewed the 1977 Revenue Law and has formulated asimple tax code which is intended to encourage and enhance the tax base further.
57. One of the main objectives of the newly created Central Bank, during the January - June
period will be to issue a new stock of currency in exchange for the existing stock of Liberty and
J. J. Roberts notes in circulation and establish a properly functioning clearing and payment system at
the Central Bank of Liberia.  The issuance of the new currency began in March 2000.
58. The Central Bank of Liberia intends to request additional short-term technical assistance from
the IMF to assist it in the operational aspects of currency issuance should the need arise.
59. The overall objective of the monetary policy will remain the achievement of price stability. In
this regard, the exchange rate of the Liberian Dollar will remain market determined, the Central Bank
will seek to facilitate the establishment of inter-bank markets.
4. External sector policies
60. External policies will be aimed at strengthening the balance-of-payments position through the
continued recovery of exports and encouragement of domestic and foreign investment.  The
Government will work towards the recovery of exports, which remain hampered due to the damage
done to the productive capacity and the transportation infrastructure.  In this regard, the National
Investment Commission has been established to co ordinate and promote foreign investment.  It is
expected that the rationalization of the tax code  in July 2000 will provide additional impetus for
export-oriented investment.
61. By the end of 1998, the Government of Liberia had accumulated an external debt of
US$2.6 billion;  of the amount, US$650 million is due to the IMF.
62. In this respect, the Government places high priority on restoring normal financial relations
with its external creditors.  The Government theref ore intends to review the possibility of investing
some level of debt payments to the World Bank and African Development Bank as part of the
FY 2000/2001 budget.  The Government is now co llaborating with the IMF Staff Monitoring
Programme for the restructuring of the banking system, civil service and other reforms.WT/L/357
Page 11
5. Foreign and domestic investment policy
63. In order to cope more resolutely with the mounting development demands of its people, and
to renew their hope for the future, the Government has introduced a new investment policy for
Liberia, which can be described as the Strategic Wi ndows Investment Policy.  This policy is aimed at
establishing many strategic windows of opportunities into the Liberian economy, where each majorsector will have its own custom-designed "investment window" each with its own benchmarks,
investment criteria, and incentive packages on a stratified basis related to investment size.
64. The Strategic Windows Investment Policy is a new paradigm of focus on investments of all
shapes and sizes, namely agriculture, industry and services, to pinpoint Liberia's critical, strategic
sub-sectors and commodities, such as timber from forestry, rubber from general agriculture, and
crustaceans from the fishing sector of greater agriculture, gold and diamonds from mining, and oil and
gas from the petroleum energy subsectors of greater industry.
65. The service sector will include such critical strategic subsectors as intellectual property and
tourism.  In this regard, the policy will not neglect to focus on all productive, as well as unstructured
areas yet untapped for taxes.
66. The Investment Incentive Code which represents the basic policy for investment includes
standard provisions which were originally passed into law by an act of legislature on 15 April 1966.This Code has been revised recently, though the basic intention of the code remained unchanged.  The
Code serves as an inducement to invest in the private sector of the economy.
6. Government procurement
67. All Government's procurement is centrally made by the General Services Agency (GSA) to
ensure standard, quality and discount on volume purchases, as well as to ensure uniformity inGovernment's procurement policy.
7. State trading enterprises
68. Most of the state trading enterprises are dormant due to the prolonged civil crisis.  The
Government is contemplating privatization measures for efficiency and proficiency.
8. Technical regulations and standards
69. The Government of Liberia, through Bureau Veritas (BIVAC - International) introduced a
comprehensive Import and Export Supervision Scheme to ensure and verify the quality, quantity and
price of all imports and exports.  Also, to assist customs with the collection of the correct amount of
duties/taxes and ensuring that all imports conform to Liberia's trade regulations;  especially as it
relates to trade-related aspects of Intellectual Property.
70. There are standards relating to labeling requirem ents for food and drugs, particularly relating
to name of food and drugs, labeling requirements for goods other than food and drugs also form partsof marks and labels.WT/L/357
Page 12ANNEX I
LIBERIA:  VALUE OF IMPORTS 1984 – 1999
(US$ million)
Pre-war Period 1984 – 1987 Post-war Period
No. Commodity Unit 1984 1985 1986 1987 1994 1995 1996 1997 1998 1999
0 Food and Live Animal Beverages and Tobacco 78.4 78.9 53.5 58.9 22.4 30.5 26.6 64.4 40.3 62.3
1 Beverages and Tobacco 7.8 4.9 4.0 4.5 5.6 5.5 4.9 15.6 7.5 7.7
2 Crude Material Inedible excluding Fuel 4.9 5.4 3.5 2.4 1.9 2.6 3.3 12.0 4.3 11.3
3 Mineral Fuel Lub.  Related Material 71.7 54.6 53.0 69.7 3.3 8.0 5.8 10.3 3.3 3.6
4 Animal Vegetable Oil and Fats 4.7 4.2 3.2 4.1 0.2 0.5 0.9 1.5 1.1 3.6
5 Chemical 24.2 20.0 26.3 22.1 5.0 6.9 5.6 15.0 8.9 14.2
6 Manufactured Goods classified by Material 50.2 37.3 36.1 55.0 9.3 8.6 13.0 24.4 14.5 17.0
7 Machinery and Transport Equipment 97.2 61.5 59.0 73.5 15.4 15.7 13.7 53.2 25.3 37.4
8 Miscellaneous Manufactured Articles 22.3 15.7 18.3 14.2 5.9 6.9 8.5 12.3 6.1 8.4
9 Commodities and Transactions not elsewhere
specified1.8 1.9 2.1 3.1 0.1 0.2 1.3 3.8 1.8 2.9
363.2 284.4 259.0 307.0 69.1 85.4 83.6 212.5 113.0 168.4
Source:  Division of Foreign Trade
Ministry of Commerce and IndustryWT/L/357
Page 13ANNEX II
LIBERIA:  VALUE OF EXPORTS 1984 – 1999
(US$ million)
Pre-war Period 1984 – 1987 Post-war Period
No. Commodity Unit 1984 1985 1986 1987 1994 1995 1996 1997 1998 1999
0 Iron Ore 279.0 279.4 249.4 217.7 ----- -
1 Rubber 91.3 77.1 80.7 89.4 3.9 2.4 8.1 19.4 25.9 33.1
2 Round Logs 22.6 22.9 32.4 34.3 0.5 - 1.8 4.9 10.8 16.6
3 Coffee 13.7 27.2 18.1 8.0 ---- 0.323 1.03
4 Cocoa 13.3 11.2 8.9 8.0 - 0.1 0.6 0.7 1.6 1.31
5 Diamond - 4.7 6.3 13.7 ----- -
6 G o l d 3 . 0 1 . 2 5 . 7 7 . 3----- -
7 F i s h 1 . 0 0 . 1 0 . 1------ -
8 P a l m  O i l ----- 1 . 6-- 0.24 0.001
9 Metal Scrap - - 0.1 - 0.1 0.3 - 0.1 0.70 0.002
1 0 P a l m  K e r n e l  O i l - 0 . 5------- -
1 1 E x p l o s i v e s - 0 . 2------- -
12 Other Exports 26.2 11.0 7.7 3.8 0.1 1.3 0.1 0.2 0.15 0.0032
452.1 435.4 408.4 382.2 4.6 5.7 10.6 25.3 39.0 52.05
Source:  Division of Foreign Trade
Ministry of Commerce and IndustryWT/L/357
Page 14
TABLE 1 – LIBERIA:  SELECTED ECONOMIC AND
FINANCIAL INDICATORS, 1997-2000
1997 1998 1999
Est.2000
Proj.
(Annual percentage change, unless
otherwise indicated)
National income and prices
Real GDP (in US dollar terms) 106.3 28.5 23.0 21.0GDP deflator -10.1 -4.0 -0.1 1.3Consumer prices (annual average)
11.4 3.0
Consumer prices (end of period) 4.0 1.8Nominal GDP (in US$ million) 295.9 364.9 448.3 549.3
Real GDP per capita (in US dollars) 150.0 169.3 169.0 181.1
Nominal GDP per capita (in US dollars) 102.7 185.2 184.7 200.4
External sector (in US dollar terms)
Exports of goods, f.o.b. 68.8 30.4 38.1
of which  rubber 47.0 11.2 21.1
timber 145.1 85.5 58.0
Imports of goods c.i.f. -33.7 3.9 13.6
of which petroleum 19.6 -52.0 34.4
rice 38.8 -24.7 7.0donor -76.9 82.4 -5.2
Terms of trade 13.7 7.1 5.5
Nominal exchange rate (Liberian dollars per US dollar,end of period)
243.1 41.2
Central Government operations (in US dollar terms,
Jan/Dec)
Total revenue and grants 17.4 12.6
of which tax revenue 21.9 11.5
maritime -19.6 21.9
Total expenditure and net lending 35.6 -15.5
of which current expenditure 31.8 0.9
capital expenditure -8.6 42.9
Money and banking (in Liberian dollar terms, end of
period)
Net foreign assets -9.7 -0.5Net domestic assets -8.3 0.6
Net domestic credit -3.2 0.5
Net claims on government -3.7 0.0Claims on non-government 12.4 13.6
Other item net 15.4 0.0
Broad money 13.2 15.0Velocity (GDP relative to broad money) 8.9 9.4
                                                     
1 For 1998, period average from May through December.
2 For 1999, reflects end of October.WT/L/357
Page 15
1997 1998 1999
Est.2000
Proj.
(In per cent of GDP)
Central Government operations (Jan/Dec)
Total revenue and grants 14.7 14.1 12.9
of which tax revenue 9.1 9.0 8.2
maritime 4.8 3.1 3.1
Total expenditure and net lending 15.0 16.6 11.4
of which current expenditure 11.1 11.9 9.8
capital expenditure 1.7 1.2 1.5
Overall fiscal balance (commitment basis) -0.3 -2.5 1.5
Changes in expenditure-related arrears 0.4 2.5 -1.5
Overall fiscal balance (cash basis) 0.1 0.0 0.0
External sector
Current account balance including grants (deficit, -) -27.3 -11.5 -9.4 -8.0Current account balance excluding grants (deficit, -) -70.5 -31.2 -26.3 -22.1Trade balance (deficit,-) -73.6 -32.5 -24.9 -20.6
Exports, f.o.b. 8.6 11.7 12.4 14.0
Imports, c.i.f. -82.2 -44.2 -37.4 -34.6
Public sector external debt outstanding (medium- and long-term) 846.2 701.3 582.4 483.8Public sector external debt service 20.3 15.1 11.6 8.6
(In US $ million, unless otherwise indicated)
Current account balance (deficit, -) -80.7 -41.9 -42.2 -43.7
Trade balance (deficit, -) -217.9 -118.5 -111.7 -113.3Gross official reserves (end of period) 0.35 0.17 1.67
Sources:  Liberian authorities and Fund staff estimates and projections.WT/L/357
Page 16
TABLE 2 - LIBERIA:  SECTORAL GROSS DOMESTIC PRODUCTS,
1997-2000
1997 1998 1999
Est.2000
Proj.
(Annual percentage change, unless otherwise indicated)
GDP at 1992 constant prices 106.3 28.5 23.0 21.0  Agriculture … 22.0 20.0 15.0  Forestry … 70.0 20.0 20.0
  Mining … 0.0 12.0 15.0
  Manufacturing … 5.0 22.0 22.0  Tertiary sector … 30.0 39.0 41.0
(In  per cent)
Real output as a percentage of pre-war level
(1987 = 100)  GDP at 1992 constant prices 22.7 29.2 35.9 43.5
Agriculture 43.6 53.2 63.8 73.4Forestry 66.3 112.8 135.3 162.4Mining 6.1 6.1 6.8 7.9
Manufacturing 16.8 17.6 21.5 26.3
Tertiary sector 7.5 9.8 13.6 19.2
(In US$ million)
GDP at current prices 295.9 364.9 448.3 549.3  Agriculture 182.3 217.3 258.1 299.5
  Forestry 45.4 64.8 77.8 93.4
  Mining 8.5 8.6 9.8 11.5  Manufacturing 16.3 17.3 21.4 26.7  Tertiary sector 44.6 58.5 82.6 119.1
(In units indicated)
Memorandum items
Real GDP per capita (in US dollars) 150.0 169.3 169.0 181.1
Nominal GDP per capita in US dollars) 102.7 185.2 184.7 200.4Population (in millions)
31.7 2.0 2.4 2.7
Production
  Rice (in thousand tons) 168 210 … …  Cassava (in thousand tons) 283 313 … …  Round log (in thousand cubic metre) … 86 … …  Gold (in ounces) … 2,317 … …  Cement (in thousand metric tons) 15 40 … …
  Oil and water paint (in thousands of gallons) … 86 … …
  Beverages (in millions of litres) … 10 … …
(Annual percentage change)
GDP deflator -10.1 -4.0 -0.1 1.3Consumer prices (period average)
4…… 1 . 4 3 . 0
Real GDP per capita (in US dollars) … 12.9 -0.2 7.1
Sources:  Liberian authorities;  and Fund staff estimates and projections.
                                                     
3 Assumes the return of refugees during 1998 and 2000.
4 For 1998, period average of May through  December.WT/L/357
Page 17
TABLE 3 - LIBERIA:  CENTRAL GOVERNMENT OPERATIONS, 1998-20005
1998 1999 (cumulative from January) 2000
(cumulative
from
January)
Actual Budget Mar. Jun. Sep. Nov. Dec. Mar. Jun.
Actual Est. Proj.
(In US$ million)
Total revenue and grants 53.8 64. 0 11.7 30.7 47.7 57.7 63.1 16.9 32.6
  Tax revenue 33.2 38.0 7.2 17.1 30.5 37.7 40.4 10.4 21.1
  Non-tax revenue 3.3 8.0 1.5 5.4 6.4 8.3 8.7 2.2 4.6
  Maritime 17.3 18.0 3.0 8.2 10.8 11.7 13.9 4.3 7.0
  Grants 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total expenditure and net
lending54.8 64.0 16.1 35.5 55.3 68.8 74.3 15.2 29.0
  Current expenditure 40.5 47.2 13.7 30.4 46.6 59.1 63.3 12.4 24.4
 Wages and salaries 6.0 9.8 1.4 4.3 8.2 11.9 14.4 4.5 9.0
Other goods and services 29.0 23.8 10.9 22.9 31.5 37.2 39.6 4.7 9.1
 of which : extrabudgetary6… … 0.5 4.2 5.7 7.8 7.8 0.0 0.0
Interest on external debt 1.4 3.3 0.2 0.3 0.5 0.6 0.6 0.2 0.3
Interest on domestic debt 0.6 0.6 0.5 0.9 2.1 3.2 3.2 0.0 0.0
Subsidies and transfers 3.4 9.7 0.7 1.8 4.3 6.2 5.5 3.0 6.0
  Capital expenditure 6.1 12.6 1.2 3.4 5.6 5.6 5.6 1.8 3.6
of which :  West Oil71.5 … 0.7 1.4 2.4 3.5 3.5 0.9 1.7
  Unallocable expenditure 8.2 4.2 1.2 1.8 3.1 4.1 5.4 0.0 0.0
  R e s e r v e 0 . 0 0 . 0…………… 1 . 0 1 . 0
Overall surplus/deficit
(commitment basis)-1.0 0.0 -4.4 -4.8 -7.6 -11.1 -11.2 1.7 3.6
Changes in expenditure-
related arrears1.3 0.0 4.0 4.0 7.4 10.9 11.2 -1.7 -3.6
Overall surplus/deficit (cash
basis)0.3 0.0 -0.4 -1.0 -0.4 -0.3 0.0 0.0 0.0
Financing -0.3 0.0 0.4 1.0 0.4 0.3 0.0 0.0 0.0
 Domestic financing -0.3 0.0 0.4 1.0 0.4 0.3 0.0 0.0 0.0
Banking system -0.3 0.0 0.4 1.0 0.4 0.3 0.0 0.0 0.0
Advances from Central
Bank-0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other domestic bank
financing-0.3 0.0 0.4 1.0 0.4 0.3 0.0 0.0 0.0
Non-bank financing 0.0 0.0 0.0 0.0 0.0 0.3 0.0 0.0 0.0
Borrowing 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
 External financing 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
                                                     
5 Calendar year.
6 Consists of taxes from petroleum import levy, logging fees, embassy rentals, 4 per cent turnover tax,
and rice levy withheld for specified projects.
7 Consists of petroleum sales tax withheld by LPRC to repay West Oil.WT/L/357
Page 18
1998 1999 (cumulative from January) 2000
(cumulative
from
January)
Actual Budget Mar. Jun. Sep. Nov. Dec. Mar. Jun.
Actual Est. Proj.
(In per cent of GDP, unless otherwise indicated)
Total revenue and grants 15.0 14.3 … … … … 16.6 … …
  Tax revenue 9.1 8.5 … … … … 9.0 … …
  Maritime 4.8 4.0 … … … … 3.1 … …
Total expenditure and netlending15.0 14.3 … … … … 16.6 … …
 Current expenditure 11.1 10.5 … … … … 14.1 … …
  of which : wages and salaries 1.7 2.2 … … … … 3.2 … …
 Capital expenditure 1.7 2.8 … … … … 1.2 … …
Overall surplus/deficit
(commitment basis)- 0 . 3 0 . 0………… - 2 . 5 ……
Domestic financing -0.1 0.0 … … … … 0.0 … …
Memorandum item
GDP at current prices (in
US$ million)364.9 448.3 … … … … 448.3 … …
Sources:  Liberian authorities;  and Fund staff estimates and projections.WT/L/357
Page 19
TABLE 4 – LIBERIA: MONETARY SURVEY, DECEMBER 1998 – DECEMBER 20008
1998 1999 2000
Dec. Mar. Jun. Sep. Dec. Mar. Jun. Sep. Dec.
(In million of Liberian dollars, unless otherwise indicated; end of period)
Net foreign assets -28,950 -25,943 -25,946 -28,675 -26,149 -26,143 -26,094 -26,044 -26,007
Net domestic assets 30,864 27,931 27,967 30,834 28,316 28,321 28,403 28,456 28,499
Net domestic credit 39,158 36,794 37,340 40,655 37,891 37,896 37,977 38,031 38,073
Net claims on the
Government37,965 35,538 36,259 39,206 36,549 36,549 36,549 36,549 36,549
Claims on private sector 1,174 1,207 1,035 1,376 1,271 1,276 1,358 1,411 1,454
C l a i m s  o n  p u b l i c  e n t e r p r i s e s 1 84 74 57 16 96 96 96 96 9
Claims on non-bank financial
institutions111111111
Other items net -8,294 -8,863 -9,373 -9,822 -9,575 -9,575 -9,575 -9,575 -9,575
Of which :  capital account 10,418 10,084 10,764 11,707 11,354 11,354 11,354 11,354 11,354
Broad money 1,914 1,988 2,021 2,159 2,167 2,178 2,309 2,412 2,492
Currency outside banks 566 549 525 518 540 544 609 627 645Demand deposits 1,010 1,097 1,141 1,263 1,275 1,276 1,334 1,412 1,485
Time and savings deposits 339 342 355 377 352 359 366 373 362
Memorandum items (In per cent, unless otherwise indicated)
Velocity (GDP relative to
broad money)7.7 10.2 10.0 9.4 8.9 10.7 10.1 9.7 9.4
Contribution to growth of
broad money
Net foreign assets -21.9 157.1 -0.2 -142.6 132.0 0.3 2.3 2.3 1.7Net domestic assets 5.2 -153.2 1.9 149.7 -131.5 0.2 3.8 2.5 2.0
(Per cent ratio)
Currency/broad money 29.5 27.6 26.0 24.0 24.9 25.0 26.4 26.0 25.9
Currency/deposits 56.0 50.0 46.0 41.0 42.4 42.6 45.6 44.4 43.4
Deposits/broad money 70.1 72.0 73.7 75.7 75.1 75.0 73.6 74.0 74.1
Excess reserves/total liabilities 9.1 9.9 9.8 9.9 11.5 11.1 11.1 9.1 9.0
(Annual per cent change, unless otherwise indicated)
Broad money … 59.6 34.3 1.7 13.2 9.5 9.5 11.8 15.0
Reserve money … 3.1 0.3 3.8 9.3 4.3 13.1 12.6 10.0Credit to private sector … 0.7 133.5 3.1 8.3 5.7 2.1 2.6 14.4
Gross official reserves (in
US$ million)0.35 0.35 0.34 0.17 0.17 0.21 0.92 1.62 1.67
Nominal exchange rate
(Liberian dollars per US dollar,
end of period)43.3 41.1 42.5 42.5 42.5 … … … …
Sources:  Liberian authorities; and Fund staff estimates and projections.
                                                     
8 Based on provisional balance sheets.WT/L/357
Page 20
TABLE 5 - LIBERIA:  SUMMARY ACCOUNTS OF CENTRAL BANK OF LIBERIA,
DECEMBER 1998-DECEMBER 20009
(in millions of Liberian dollars;  end of period)
1998 1999 2000
Dec. Mar. Jun. Sep. Dec. Mar. Jun. Sep. Dec
Net foreign assets -28,603 -26,372 -26,927 -29,117 -26,692 -26,690 -26,660 -26,630 -26,628
 Foreign assets 15 14 14 7 7 9 39 69 71
 Foreign liabilities -28,618 -26,386 -26,942 - 29,124 -26,699 -26,699 -26,699 -26,699 -26,699
Net domestic assets 29,544 27,313 27,873 30,097 27,720 27,671 27,734 27,734 27,759
 Net domestic credit 37,808 35,352 36,111 39,037 36,006 36,006 36,006 36,006 36,006
Net claims on the
Government37,771 35,318 36,076 39,001 35,971 35,971 35,971 35,971 35,971
  Claims 37,908 35,449 36,209 39,082 36,049 36,049 36,049 36,049 36,049
of which :  contra-
entry for use of
Fund credit andoverdue charges28,159 25,950 26,506 28,642 26,699 26,699 26,699 26,699 26,699
Deposits 137 131 133 81 78 78 78 78 78
Claims on private
sector25 25 25 26 26 26 26 26 26
Claims on public
corporations66666666 6
Claims on non-bank
financial institutions11111111 1
Claims on domestic
banks42222222 2
Other items net -8,264 -8,040 -8,238 -8,940 -8,286 -8,335 -8,272 -8,272 -8,247
  of which :  capital
account10,382 9,991 10,211 11,073 11,073 11,073 11,073 11,073 11,073
Reserve money 941 941 945 980 1,028 981 1,074 1,104 1,131
Currency outside
banks647 647 647 648 664 616 694 741 756
Bank deposits at CBL 287 287 291 326 358 360 374 357 369
O t h e r  d e p o s i t s 78866666 6
Memorandum items
Required reserves 165 145 145 165 171 178 186 195 204
Excess reserves 122 142 145 161 187 181 188 163 166
Sources: Liberian authorities;  and Fund staff estimates and projections.
                                                     
9 Based on provisional balance sheets.WT/L/357
Page 21
TABLE 6 – LIBERIA:  BALANCE OF PAYMENTS
1997-2000
(In US$ million, unless otherwise indicated)
1997 1998 1999
Est.2000
Proj.
Current account balance -80.7 -41.9 -42.2 -43.7
Trade balance -217.9 -118.5 -111.7 -113.3Exports, f.o.b. 25.3 42.7 55.7 77.0
of which  rubber 19.4 28.5 31.7 38.4
timber 4.8 11.7 21.8 34.4
Imports c.i.f. -243.2 -161.2 -167.5 -190.3
Petroleum -30.2 -36.2 -17.4 -23.3Rice -21.6 -30.0 -22.6 -24.2Donor -108.8 -25.2 -45.9 -43.5Others -82.6 -69.9 -81.6 -99.2
Services (net) -4.6 1.1 3.9 9.6
Income (net) -33.2 -38.7 -44.1 -49.7
of which public interest payments due -33.0 -30.0 -28.6 -26.0
Current transfers (net) 175.0 114.1 109.7 109.7
Public transfers 128.0 71.8 75.8 77.7Private transfers 47.0 42.3 33.9 32.0
Capital and financial accounts 14.9 3.5 3.0 19.9
Direct foreign investment 20.0 22.5 27.0 35.0Trade credit 21.9 -1.3 -1.0 6.0Amortization -27.0 -25.0 -23.3 -21.1
Unallocated 6.5 -16.1 -12.2 -21.1
Overall balance -59.4 -54.5 -51.4 -44.9Financing 59.4 54.5 51.4 44.9
Change in official reserves (increase, -) 0.0 0.1 0.2 -1.5
Use of Fund credit (net increase in arrears, +) 13.9 13.9 13.9 13.9Increase in non-Fund arrears 45.5 40.5 37.4 32.5
Memorandum items
Current account deficit including grants
(in per cent of GDP)-27.3 -11.5 -9.4 -8.0
Current account deficit excluding grants
(in per cent of GDP)-70.5 -31.2 -26.3 -22.1
Trade deficit (in per cent of GDP) -73.6 -32.5 -24.9 -20.6
Public sector external debt
(medium- and long-term)
Debt outstanding 2,504.0 2,559.0 2,611.0 2,657.5(in per cent of GDP) 846.2 701.3 582.4 483.8Debt service charges) 60.0 55.0 51.9 47.1(in per cent of GDP) 20.3 15.1 11.6 8.6
Terms of trade (1997=100) 100.0 113.7 105.6 111.4
Sources:  Liberian authorities, and Fund staff estimates and projections.WT/L/357
Page 22
TABLE 7 - LIBERIA:  PUBLIC SECTOR EXTERNAL DEBT
OUTSTANDING AND DEBT SERV ICE BY CREDI TOR, 1998-2000
End-1998 End-1999 1999 2000
Stock Of which :S t o c k Of which : Debt service
Arrears Arrears
(In US$ million, unless otherwise indicated)
All creditors 2,559 2,151 2,611 2,203 52 47
Multilateral 1,315 1,154 1,347 1,186 32 28
  IMF 650 650 665 665 14 15
Principal 315 315 315 315 0 0Interest 335 335 350 350 14 15
  IBRD 242 234 252 243 10 5
  IDA 101 20 104 23 3 3  AIDB 218 146 224 151 5 5  Others 103 103 103 103 0 0
Official bilateral 773 528 793 548 20 20
  Paris Club 741 497 774 615 20 20    Non-previously-rescheduled debt 542 383 562 403 19 19
Pre-cutoff 412 300 428 317 16 16
Post-cutoff 130 83 133 86 3 3
    Previously-rescheduled debt 114 114 115 115 1 1    Others 85 85 98 98 13 13
  Non-Paris Club 32 31 32 31 0 0
Commercial 394 394 394 394 0 0
Short term 44 44 44 44 0 0
(In per cent of total)
All creditors 100 100 100 100 100 100
Multilateral 51 54 52 54 61 58
  IMF 25 30 25 30 28 31
Principal 12 15 12 14 0 0
Interest 13 16 13 16 28 31
  IBRD 9 11 10 11 18 10  IDA 4 1 4 1 5 6  AIDB 9 7 9 7 10 11
  Others 4 5 4 5 0 0
Official bilateral 30 25 30 25 39 42
  Paris Club 29 23 30 28 39 42
    Non-previously-rescheduled debt 21 18 22 18 37 40
Pre-cutoff 16 14 16 14 31 34Post-cutoff 5 4 5 4 6 6
    Previously-rescheduled debt 4 5 4 5 1 2
    Others 3 4 4 4 25 28
Non-Paris Club 1 1 1 1 0 0
Commercial 15 18 15 18 0 0
Short term 2 2 2 2 0 0
Sources:  Liberian authorities;  and Fund staff estimates and projections.
__________