House Ratifies US$40m Financing Agreement

By Mark Mengonfia

The Financing Agreement ‘First Inclusive Growth Development Policy Operation’ which was sent to The House of Representatives by President George Weah seeking their approval amounting to US$40 million has been ratified.

The Agreement ratified on Thursday, March 19, 2020 which is in the President’s communication addressed to that august body, its   Speaker Bhofal Chambers pointed out that the First Inclusive Growth Development Policy Operation is a facility through which the World Bank has provided budget support to Liberia.

Speaker Chambers informed members of the House that out of the amount in the financing agreement totaling US$40million, US$20 million is a grant while the rest US$20m is on concessional credit terms; although he did not explain what the concessional credit term meant.

“This budget support is essential as it will help the government fill a financing gap in the national budget 2019/2020” President Weah said.

The instrument was ratified by that body with a motion that their Rules be suspended and that the first reading constitutes the first, second and last reading.

After the reading of the communication and motion taken, majority members of that body who were in session unanimously voted for the ratification of the financial instrument.

Minister Tweah Visits Lawmaker

Our reporter assigned at the House of Representatives said members of that body action to have speedily ratified the agreement followed a visit by Liberia’s Finance Minister, Samuel Tweah.

Minister Tweahhas earlier visited the House of Representatives; a visit he said was part of the process of collaboration in government.

Minister Tweah said although the COVID-19 is a serious issue that the government is faced with, but was quick to say “we cannot collapse the government; we have to run the economy of the country.”

Speaking on the US$40m financing agreement, Tweah said “this money is not Coronavirus money; it is intended to support the budget.”

He clarified that although the Liberian Government has requested the World Bank’s help in the direction of the COVID-19, but said “people are saying the US$40m is for COVID-19” which he said is a lie.