The European Union (EU) has reaffirmed its commitment to the country’s economic stability and development with €56 million, approximately US$62 million direct budget support package.
The EU’s support aims to strengthen the country’s financial systems and governance structures.
On Tuesday, May 13, 2025, EU Ambassador to Liberia, Nona Deprez, and Minister of Finance and Development Planning, Augustine Kpehe Ngafuan signed the funding agreement at the ministry in Monrovia.
The deal also includes an additional €7 million around US$7.7 million for complementary measures to strengthen public financial management and oversight, bringing the total support to €63 million, about US$70 million.
The EU’s financial assistance is tied to several key conditions designed to promote economic reform and stability, that would strengthen Public Financial Management (PFM), improves budget transparency, fiscal discipline and oversight mechanisms, enhance Domestic Revenue Mobilization, focusing on maximizing revenue from the country’s natural resources.
The support will also promote transparency and accountability, creates a conducive environment for investment, especially local rice value chains.
Disbursements under this package will be contingent on the country’s progress in implementing these reforms between 2025 and 2027, reflecting a results-based approach aims at ensuring lasting impact.
At the signing ceremony, Minister Ngafuan praised the EU for its steadfast partnership, underscoring government’s commitment to transparency and accountability under the leadership of President Joseph Nyuma Boakai.
“The government values this partnership and remains committed to ensuring that every dollar is spent effectively to benefit the Liberian people,” Ngafuan assured the EU.
He continues: “We will work closely with all stakeholders to achieve the reforms needed for sustainable development.”
He said while some international partners may be scaling down, the EU continues to stand by the country, reinforcing its role as a critical ally in the nation’s growth journey.
The ceremony was attended by representatives from the General Auditing Commission (GAC) and the Ministry of Finance, reflecting the broad support for this crucial financial partnership.
“This substantial EU funding package,” Ngafuan said, “it underscores a shared commitment to sustainable development, good governance and financial accountability, laying a foundation for a more resilient Liberian.”