Monrovia-The Ministry of Finance and Development Planning and the African Development Bank have signed a 10 million United States dollars agreement as direct budget support to the Government of Liberia.
By Nyantee G. Togba-nyanteetogba@gmail.com
The money is expected to drive the objectives of the Pro-Poor Agenda for Prosperity and Development (PAPD).
African Development Bank’s Country Manager Orison Amu signed on behalf of the bank, while Finance Minister Samuel Tweah signed on behalf of the Liberian Government.
Speaking during the signing ceremony in Monrovia Tuesday, Orison Amu said the signing of the agreement is part of the economic governance and competitive support project.
‘’I am happy to note that the cooperation between the Bank and Liberia remains strong and continues to grow’’ he said.
Mr. Amu, speaking at the signing ceremony of the Economic Governance and Competitiveness Support Project (EGCSP) said the signing is the third budget support to the Government of Liberia over the last eight years, bringing the accumulative amount to UA 72million (Equivalent to 100 million United States Dollars). The EGCSP Phase I: UA 30million, Ebola Sector Budget Support: UA 35 million and the current EGCSP Phase II: UA 7million.
The Bank’s Country Manager said the implementation of the project is expected to lead to improved private sector competitiveness, access to electricity for Industries, SME’s and domestic consumers, and improve the regulatory framework.
For his part, Finance and Development Planning Minister, Samuel Tweah commended the African Development Bank for the budget support, thus assuring of government’s fullest cooperation.
“There is no way that the African Development Bank can have the level of influence in Africa’s transformation when the capital structure of the Bank remains the same’’ he added.
The Finance Minister noted that the purpose of today’s signing is to strengthen the public financial management reform at the Ministry of Finance and Development Planning and structure the payroll reforms of the wage bill along with the entire structure of the civil service.
“We have to support the African Development Bank in whatever way possible and ensure that their support really amounts to something. We are looking forward to deepening our partnership, particularly as we go to the new round of ADF fifteen to see that both ADF and the Bank resources really have big impact across all sectors in the country’’. Minister Tweah stated.
He reaffirmed Government’s commitment by moving toward zero-base budget to redefine the structure of the Government budget.
“There are some policies and strategies we are developing to make the budget more efficient and cleaned up the budget thus ensuring that is more pro-poor for the Liberian people”, said Finance Minister.
He disclosed that this budget support will help to stabilize the reform process in our new national development plan process.
“We want to see the agriculture sector’s space yielding results in growth driving transformative way like rice being produced in the country”, he added.
