WASHINGTON (Reuters) - Liberia's economy is set to expand more than 6 percent this year from 4.5 percent in 2009, amid a rebound in rubber production and prices, the International Monetary Fund said on Thursday.
In a statement at the end of a staff mission to the capital Monrovia this week, the IMF said foreign direct investment commitments to Liberia have increased sharply following the ratification of several iron ore and palm oil concessions.
Several legislative acts to support private sector development and tackle corruption had also been approved, the IMF said.
This month the government has passed a slew of new laws to bolster investment, including Liberia's first fully fledged commercial code, and had set up a commercial court and set out a new business law framework.
The IMF mission said discussions with the authorities had focused on medium-term economic and financing challenges, including funding for the country's development strategy and ways to accelerate growth outside mining and agricultural concessions.
Talks also included issues around funding for infrastructure and financial models of concessions, which are projected to provide the government with new revenue.
The Fund said tackling remaining impediments to private sector investment and employment opportunities were critical.
The state of the economy will feature strongly when President Ellen Johnson Sirleaf stands for reelection next year.
Johnson Sirleaf, Africa's first female president, has said she will run again to finish the task she began of rebuilding a country devastated by a war.
Steel giant ArcelorMittal, China Union and others are already investing in its iron ore sector, while Chevron Corp is among those exploring for oil and gas.
(af.reuters.com)
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