Deputy Finance and Development Planning Minister, Dr. Mounir Siaplay has disclosed that the Government of Liberia through the Ministry of Finance has developed an economic stabilization and recovery plan (ESRP) that seeks to address structural deficiencies.
He said the economic stabilization recovery plan is a package or set of measures introduced to stabilize a financial system or economy.
Dr. Siaplay said the plan will improve service delivery and protect investments made since the end of the civil war, noting that the outbreak of Ebola exposed the vulnerabilities inherent in the system.
The Deputy Finance Minister made the statement recently at the start of a three-day Mano River Union meeting for the joint private sector development and consultative forum, held under the theme: Post-Ebola Economic Recovery.
Those attended the program included representatives from the African Development Bank; the Sierra Leonean Ambassador accredited to Liberia, amongst others at the Monrovia City Hall.
According to him, the government, with the support of its development partners, is working to contain the Ebola epidemic while at the same time ensuring macro-economic stability.
The Deputy Finance Minister noted that the achievement and sustainability of a zero Ebola cases remains the number one objective of the government, adding that achieving this objective requires a sub-regional approach, given the inter-connectivity of the countries within the Mano River basin.
Siaplay emphasized that the government is working with its counterparts in Guinea and Sierra Leone in designing strategies to contain the further spread of the virus and stimulate economic activities across the sub-region.
He further explained that economic activities have been affected throughout the country with a sharp decline in agriculture, particularly domestic food production.
“It is now time every Liberian gets involved in the business sector to ensure that the country’s economy is on par with other developing countries,” he added.
He maintained that Liberia has lost economically, as growth stalled, inflation soared and government expenditures rose significantly.
For her part, Madam Margaret Kilo, resident representative of the African Development Bank (AfDB) said her bank will remain supportive in the Ebola economy recovery process.
Madam kilo said though Ebola has damaged every fabric of the Liberian economy, it’s now time that partners in the country help to strengthen the country recovery process.
At the same time, the AfDB country representative called on Liberians to get involved in educational activities that will bring smiles back to the country, after fighting the Ebola disease.
She also disclosed that if Liberians don’t get prepared for the job market by preparing themselves, others will come from different countries to inherit their resources.