Finance Minister Wants GOL Focus on Expanding the Economy
— As Budget Hearing Begins on Capitol Hill
Finance and Development Planning Minister, Boima S. Kamara has underscored the need to focus on the expansion of the country’s economy.
Said Minister Kamara, “As we begin this revenue hearing, it is important to emphasize that our nation needs an expansion in the country’s economy.”
Minister Kamara told the Joint Legislative Committee on Ways, Means, and Finance that there is a need for the adoption of the necessary fiscal policies that will ensure strong investments in the economy.
He further highlighted the importance for the Ministry of Finance and Development Planning and the Liberia Revenue Authority to work with the Legislature to ensure the appropriate interventions are made especially in the passage of the Value Added Tax (VAT) Bill.
Minister Kamara added that the passage of the VAT Bill will help boost domestic tax revenue, enhance transparency and accountability, as well as spur development across the country.
The finance minister averred that working with the Liberia Revenue Authority (LRA), he believes that the government can achieve its US$1 billion revenue target depending on how growth is structured over the next six years.
In a passionate call to the members of the Legislature, the Fiscal Boss urged: “the nation needs us now to forge stronger partnerships in developing the needed fiscal policies to accelerate the country’s pace of growth and development.”
Considering several favorable macroeconomic conditions, Minister Kamara had a positive forecast of the country’s medium-term outlook.
“Over the medium term, we are seeking a growth path of five percent to eight percent (5% to 8%) and possibly up to ten percent (10%) growth over the next six years,” the Minister added, drawing on his rich experience in the management of both the fiscal and monetary sectors of the country’s economy.
The Boakai’s administration submitted the Draft 2024 National Budget to the National Legislature on March 14, 2024. The projected revenue of the draft budget is US$692.2 million.