Liberia encountered rather serious financial difficulties 
in 1963 as a result of large short-term debt obligations, a dro 
in world príces of both rubber and iron ore, and a reduction in 
private and public capital investment. With the assistance of 
the International Monetary Fund (IMF), the Liberians have 
renegotiated their debts and adopted a stringent austerity 
program. Reduced Government spending, however, has slowed down 
the pace of economic growth. The long-term economic prospects 
of the country are excellent, but it must face serious economic 
difficulties during the next few years.