…As House ratifies financing agreement between Liberia & IDA
By: Jerromie S. Walters
In an effort to improve women’s empowerment across the country, the House of Representatives (HOR has ratified a financing agreement between the Republic of Liberia [the recipient] and the International Development Association [the administrator] for the Liberia Women Empowerment Project.
The Plenary of the House of Representatives decision was made on Thursday, March 16, 2023, and followed a report from its joint committee on Ways and Means, Finance and Development Planning, Judiciary, and Gender.
The instrument, as requested by the executive, is to help strengthen Liberia’s capacity to advance women’s and girls’ empowerment.
The committee added that it also took a keen interest in the project’s objectives and description, which are to “reduce poverty and inequality amongst women and girls by generating employment opportunities amongst poor households in target communities within Liberia.
“The instrument will positively influence highly vulnerable households [in target Liberian communities] into sustainable livelihoods and economic stability”, the committee added.
The committee said under the agreement, the Association [IDA] agrees to extend to the Republic of Liberia a grant and a credit deemed concessional financing in the following amounts, respectively:
a. SDR 13, 300.000.00 as Grant [Three Million, Three Hundred Thousand as Grant of Special Drawing Rights]
b. SDR 20,000.000.00 as Credit [$20,000,000 as Credit Special Drawing Rights]
Meanwhile, the instrument is pending concurrence by the Liberian Senate.
On the 3rd day sitting of the first quarter of the 6th session of the honorable House of Representatives on Tuesday, January 24, 2023, lawmakers overwhelmingly voted for the various committees of the lower house to critically critique the agreement and report to plenary in a period of two weeks.
The House’s mandate comes, following a communication from the Office of the President, submitting for the ratification by the Legislature of the financing agreement of the Liberia Women Empowerment Project.
According to the communication read during the plenary, the president alluded to the fact that under the agreement, the association agrees to extend a grant and credit to Liberia.
He further noted that the agreement is deemed to be concessional financing in the following amounts: (a) an amount equivalent to Thirteen Million Three Hundred Thousand Special Drawing Rights (SDR 13,300,000 as Grant); and (b) an amount equivalent to Twenty Million Special Drawing Rights (SDR 20,000,000 as Credit).
Furthermore, the President’s communication disclosed that the objectives of the project are to improve social and livelihood services for women and girls in targeted communities, foster positive social norms, and strengthen the government’s capacity to advance women’s and girls’ empowerment.
The agreement was signed on July 4, 2022, between the International Development Association and the Republic of Liberia.
Howbeit, the President is anticipating that the Legislature will ratify the agreement to help strengthen Liberia’s capacity to advance women’s and girls’ empowerment.
