House Passes Another Loan Deal for Gbarnga-Salayea Road

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Members of the House unanimously and happily passed the US$16.m Loan Deal

-Amends Revenue Code of Liberia

In its first post-election session, members of the House of Representatives have ratified a financing agreement in the amount of five million Kuwaiti Dinars (K.D. 5,000,000), equivalent to US$16,516,002.40 to assist Liberia fund the Gbarnga-Salayea Road Project. The loan agreement was signed between the Liberian Government and the Kuwaiti Fund for Arab Economic Development.

The House, at its 69th day sitting on Tuesday, November 21, unanimously voted to approve the financing agreement for the upgrading of the Gbarnga-Salayea road, which has been forwarded to the Senate for concurrence.

The House’s decision was based on a report received from its Joint Committee on Ways, Means, Finance and Budget, Foreign Affairs and Judiciary to act on a letter from President Ellen Johnson Sirleaf.

“That the project shall undertake the construction of an all-weather asphalt road of approximately 81km and 7.5km length and width respectively (with 1.5m shoulders on each side) between Gbarnga and Salayea; and it shall also include among other things, construction works, such as earthworks, bridge works, and drainages; and consultancy services, institutional support and land acquisition,” the report read by Rep. Prince Moye said.

“That the amount of five million Kuwaiti Dinars (K.D. 5,000,000) – equivalent to US$16,516,002.40 – which is an additional financing secured from the Kuwaiti Fund is sufficient to undertake the project. This funding will adequately complement other funds accrued in agreements mentioned here to successfully undertake this road project,” the report added.

It may be recalled that in July, the Senate in its 45th day sitting approved the first loan deal for the Gbarnga-Salayea road project in the amount of US$20M, which subsequently was concurred by the House of Representatives.

According to the agreement, the Liberian government has agreed to secure US$12M from the Arab Bank for Development in Africa (BADEA); US$20M from the OPEC Fund; US$20M from the Saudi Fund for Development and US$15M from the Abu Dhabi Fund as partial financing to complete the Gbarnga-Salayea Road.

Meanwhile, in Tuesday’s session, members of the House of Representatives also amended the Revenue Code of Liberia and Phase One of the Reform Tax Code of Liberia, as amended by the Consolidated Tax Amendment Act of 2011, to adopt a Modernized Customs Code 2017.

“The purpose of this instrument is to develop modern customs processes that are consistent with international standards and practices that will ensure the full benefit from legitimate international trade. Besides, this Act considers greater transparency and fairness in revenue collection, protection of taxpayers and it creates accountability in customs actions and decisions,” the report said.

Rep. Moye added: “The significance of the bill is to boost the economy by providing economic and commercial protection and security.”

3 COMMENTS

  1. More loans; with no means for repayments of the loans, translates to “HARDSHIPS and a WORTHLESS” Liberian Currency. No Wonder! The value of Liberty ie the Liberian Dollar depreciates daily.

  2. We are consuming and not producing much of anything to pay for our consumptions. Definitely, that amounts to poverty. Liberia is a reasonably rich Nation; yet, Liberia is rated as the World’s 4th poorest Country. What a pity! Whoever Liberia’s next President shall be, will have to face the hard reality. There must be austerity; from the top to the middle. The People at the bottom can not fall any further. They are already at the bottom. Liberia can no longer afford to pay Government Officials such extravagant salaries; 10,000+ U.S Dollars? With a National Budget less than 700 million U.S.Dollars; for a population of 4.5 million people?

  3. Some of those loans will BETTER serve Liberia; if the MONEY is used to grant our “LOCAL LIBERIAN” Coaco, Coffee, Rice… farmers credit lines through a well organized AGRICULTURAL BANK. Let’s stop giving community LANDS to foreign corporations. If the land is suitable for growing Coaco, Coffee, Rice… let’s empower our[own] LIBERIAN regional People to produce the product and keep the proceeds for their hard labor. Our Liberian Government should be aggressively seeking MARKETS; for our FINE Liberian Cocoa, Coffee and many other Agricultural Products. Our good relationships with such rich Nations as the Britain, France The U.S and many others should give us access to their MARKETS. Every County of Liberia should get their fair share of ECONOMIC opportunities. We should consider locating certain industries to the various Counties. Examples: Locate the Fishing Industry to Sinoe, The Lumber Industry to Grand Gedeh, Oil Refinery to Maryland; have oil, Develop a Cattle Industry in Nimba, Develop Lofa’s Rice Industry… Some Government Agencies should also be located in the various Counties of Liberia. We’ve heard it many times. Liberia is not just MONROVIA; over crowded.

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