WASHINGTON, Nov. 12 (Xinhua) -- U.S. President Barack Obama has signed an executive order Thursday which lifted economic sanctions against West African country Liberia.

The executive order signed by Obama by taking note of "Liberia's tremendous progress since emerging from civil war in 2003, in particular its commitment to democracy and the development of its political, administrative, and economic institutions," National Security Council spokesman Ned Price said in a statement.

The previous U.S. administration sanctioned Liberia more than a decade ago after determining that the actions of its former President Charles Taylor and his inner circle were a threat to the U.S..

Taylor was accused of fueling a brutal war in Liberia during 1991 to 2002.

He was arrested in 2006 and was later sentenced to 50 years' imprisonment for war crimes and crimes against humanity. Taylor is currently being held in a British prison.

Acknowledging Liberia has overcome not only "the scars of war", but also many challenges, yet "much remains to be done", including security transformation and the 2017 presidential election, according to the statement.