The Senate has received a communication from President Ellen Johnson Sirleaf, requesting that body to ratify a financing agreement between Liberia and the International Development Association (IDA) in the amount of Seven Million Two Hundred Thousand Special Drawing Rights (SDR7, 200,000) which is equivalent to Ten Million United States dollars (US$10,000,000).
In her communication dated May 24, 2016, and read before the Senate plenary during its 35th day sitting on May 31, President Sirleaf informed the lawmakers that the purpose of the loan “is to financing, which will be used to improve access to income generation opportunities for targeted youths and for strengthening the government’s capacity to implement its cash transfer program.”
Giving a breakdown with respect to payment, President Sirleaf explained that the maximum commitment charge rate payable by the government on the un-withdrawn financing balance is one-half of one percent per annum, while the service charge payable on the Withdrawn Credit
Balance “shall be three-fourths of one percent per annum. Payment dates are February 15 and August 15 in each year commencing 2022.”
The term of the loan according to the communication is thirty-seven years including a six-year grace period, while repayment of the principal amount of the loan shall be made in accordance with the repayment schedule set forth in Schedule 3 to this financing agreement, the communication concluded.
Sponsored by Senators Geraldine Doe-Sherif, H. Dan Morais and George T. Tengbeh, it was sent to the Committees on Ways, Means, Finance and Budget, and Foreign Affairs, headed by Senators Edward Boakai Dagoseh and H. Dan Morais (respectively), who were mandated to report back to plenary within two weeks.