The Government of Liberia (GoL) and the African Development Bank (AfDB) have signed US$10 million agreement as budget support to the country to enable the government meet its balance of payment obligations as well as driving the objectives of the Pro-poor Agenda for Prosperity and Development (PAPD).
The signing ceremony yesterday (August 21), intends to support economic growth by improving accountability and transparency in public financial management, and enhance private sector competitiveness. It will also run from 2018-2020.
Signing on behalf of the GoL, Finance Minister Samuel D. Tweah conveyed President George Weah’s profound gratitude to the Bank for its support to Liberia.
The purpose of signing the document is to strengthen the public financial management reform at the Ministry, and structure the payroll reforms of the entire structure of the civil service.
He reaffirmed Government’s commitment by moving toward zero based budgets to redefine the structure of the budget. “There are some policies and a strategy we are developing to make the budget more efficient and clean up the budget, thus ensuring that is more pro-poor for the Liberian people,” said Finance Minister.
He disclosed that this budget support will help to stabilize the reform process in Liberia’s new national development plan process. “We want to see the agriculture sector’s space yielding results in a growth-driving, transformative way, like rice being produced in the country,” he added.
The Country Manager of the African Development Bank, Orison M. Amu has expressed the Bank’s continuous support to the government of Liberia in meeting its balance of payments obligations, as well as driving the objectives of the Pro-Poor Agenda for Prosperity and Development (PAPD).
“I am happy to note that the cooperation between the Bank and Liberia remains strong and continues to grow,” he said.
Mr. Amu said the signing ceremony of the Economic Governance and Competitiveness Support Project (EGCSP) is the third budget support to the Government over the last eight years, bringing the accumulative amount to UA 72 million (Equivalent to US$100 million).
Previous budget supports by the AfDB to GoL include: The EGCSP Phase I for UA 30million; Ebola Sector Budget Support, UA 35 million; and the current EGCSP Phase II, UA 7million. Mr. Amu said the implementation of the project is expected to lead to improved private sector competitiveness, access to electricity for Industries, SMEs and domestic consumers, and improve the regulatory framework.