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Liberia House of Rep. Ratifies US$40M World Bank Financing Agreement

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PHOTO: House of Rep. members voting in plenary Thursday to ratify the agreement

By Mengonfia Mengonfia, mmenginfia@gmail.com

Liberia’s House of Representatives has ratified a US$40 million agreement this week signed between the Liberian government and the World Bank in Monrovia.

The Financing Agreement, “First Inclusive Growth Development Policy Operation,” was sent to that body yesterday (Thursday, March 19, 2020) by President George Weah seeking their approval.

As it has been practiced over the years by members of that body, instrument of such is sent to their relevant committees to do an investigation and advice the plenary.

But this was not done with the US$40 Million financing agreement. President Weah’s communication addressed to that body through its Speaker, Bhofal Chambers, indicated the First Inclusive Growth Development Policy Operation is a facility through which the World Bank has provided budget support to Liberia.

He informed them that amount in the financing agreement is 40 Million of which 20 million is a grant and the other 20 million is on concessional credit terms, although he did not explain what the concessional credit term meant.

The Financing Agreement ‘First Inclusive Growth Development Policy Operation’ was sent to that body yesterday by President George Weah seeking their approval.

As it has been practiced over the years by members of that body, instrument of such is send to their relevant committees to do an investigation and advice the plenary.

This was not done with the 40 Million dollars financing agreement. President George Weah communication addressed to that body through its Speaker, Bhofal Chambers indicated the First Inclusive Growth Development Policy Operation is a facility through which the World Bank has provided budget support to Liberia.

Speaking on the US$40 million financing agreement, Finance Minister Samuel Tweh said, “this money is not Coronavirus money; it is intended to support the budget.”

Mr. Tweah clarified that although the Liberian government has requested the World Bank help in the direction of the COVID-19, but said “people are saying the 40 million is for COVID-19” which he said is a lie.

He informed them that amount in the financing agreement is 40 Million of which 20 Million is a grant and the other 20 is on concessional credit terms, although he did not explain what the concessional credit term meant.

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