World Bank officials say the US$24.67 Million Grant signed with the Liberian government last week will help to Strengthen Governance and Boost Economic Transformation in the country.
The grant agreement is the Fourth Poverty Reduction Support Development Policy Operation (PRSDPO-IV) for Liberia.
It was signed near Monrovia by Dr. Henry Kerali, World Bank Country Director for Ghana, Liberia and Sierra Leone, and Liberia’s Finance and Development Planning Minister, Samuel Tweah.
The agreement was signed against the background of “Liberia’s limited fiscal space, multiple urgent policy priorities, and persistently large current-account deficits and rising debt, restoring fiscal sustainability is pivotal to inclusive growth,” a press statement from the Bank said over the weekend.
“This requires increased revenue collection from natural resources and agricultural concessions; systemic improvements in expenditure efficiency, including the use of external aid; a prudent debt-management policy; and decisive move in structural reforms to unlock binding constraints to growth and creation of jobs,” said Marina Bakanova and Daniel Boakye, World Bank Co-Task Team Leaders of the Operation.
According to the World Bank, the PRSDPO-IV is the last of a programmatic series of Development Policy Operations to support the implementation of the government’s medium-term poverty reduction strategy, under the Agenda for Transformation and its long-term vision plan elaborated in the Liberia Rising 2030.
The objectives of PRSDPO-IV include: improving governance, transparency and accountability; addressing infrastructure constraints to broad-based growth, in particular electricity; and promoting equality of opportunity in access to health and education while paying attention to gender disparities.
“The World Bank has been an active partner in supporting Liberia through the severe shocks in the aftermath of the Ebola Virus Disease, and the subsequent slump in commodity prices. The completed PRSDPO series has helped to mitigate the poverty and fiscal impact of the twin shocks and support reforms, aimed at building resilience to future shocks,” said Dr. Kerali.
Speaking at the signing ceremony, Kerali said “the Bank will continue to provide more support including additional grants and credits going forward in the scope of the Bank’s twin goals to end extreme poverty and boost shared prosperity which means to create more jobs in Liberia”.
Finance Minister Tweah said the new partnership between the Bank and the Government of Liberia under the leadership of President George Weah will now be based on delivering results for pro-poor impacts.
This, he said is the new paradigm that is going to happen in line with the President’s vision.
The Liberian Finance Minister thanked the World Bank for the grant and then assured that every penny of the grant will be dedicated to pro-poor causes in the interest of the Liberian people.