The Honorable House of Representatives has ratified the Resilient Recovery Stand-alone Development Policy Financing Agreement.
President George Manneh Weah recently submitted the agreement between Liberia and the International Development Association, according to the House Press Bureau.
President Weah stated that the Government has taken prior actions under the program, laying the institutional and policy foundation in selected growth-supporting and resilience-enhancing sectors and promoting transparency and accountability in the public sector.
“These prior actions include strengthening food security crisis preparedness planning in Liberia; enhancing the governance and efficiency of the road sector; strengthening Liberia’s land administration system; strengthening domestic revenue mobilization; enhancing debt transparency; improving transparency in public procurement; and fostering public sector transparency and accountability”, he said.
According to the Chief Executive, the agreement was signed by the parties on June 19, 2023, in which the Association agrees to extend to Liberia a credit in two portions, with the total valued at Sixty-Five Million United States Dollars (65,000,000.00).
“The first portion of the credit is for twenty-two million dollars ($22,000,000.00)”, he revealed.
The President noted that said amount shall be repaid on each January 15 and July 15 commencing July 15, 2033, to and including January 15, 2073, with an interest rate of 1.25 percent.
“The Second portion of the credit is for forty-three million dollars ($43,000,000.00)”, he added.
The amount shall be repaid on each January 15 and July 15, commencing July 15, 2029, to and including July 15, 2034, with an interest rate of 8.33334%, and on January 15, 2035, with an interest rate of 8.33326.
The Liberian leader said the agreement will have a significant impact on the country’s budget support.
Meanwhile, the instrument is pending concurrence by the Liberian Senate.
