The Liberian government and the African Development Bank (AfDB) have signed a US$10 million grant agreement aimed at supporting the national budget and improving economic governance.
AfDB’s Country Manager, Orison Amu said the grant will support government in meeting its balance of payments obligations and drive the “objectives of the pro poor agenda for prosperity and development.
Speaking at the signing ceremony in Monrovia on Tuesday, the AfDB Country Manager said, “this support is aimed at contributing to promoting sustainable and inclusive economic growth, by supporting government efforts to improve transparency and accountability in public financial management.”
“The second objective is to enhance private sector competitiveness in Liberia by creating the enabling environment that will attract investment opportunities,” the AfDB official said
The economic governance and competitiveness support project is the third budget support to the Liberian government over the last eight years bringing the accumulative amount to US$100 million.
Signing on behalf of the government, Finance and Development Planning Minister, Samuel Tweah
said President George Weah is committed to the AFDB to recapitalize the economies of African countries.
He pointed out that Liberia’s agricultural sector remains the main source through which the Liberian economy can be re-strengthened.
Minister Tweah maintained that this can be done through the infusion of cash that will add value into the agricultural products and sold to reduce the outflow of foreign currency. Report by Augustine Octavius