President Joseph N. Boakai on Thursday, February 13, 2024 submitted several financial instruments for legislative enactment to the House of Representative.
President Boakai in a communication sought the legislative approval of a Loan Agreement between the Republic of Liberia and the African Development Fund, and a Loan Agreement among the Republic of Liberia, the African Development Bank, and the African Development Fund (acting as Administrators of the Transition Support Facility).
President Boakai said the principal objective of the ISEDRMP is to bolster the domestic revenue capacity of the nation. He said specifically, the initiative seeks to achieve the following outcomes: enhancement of gender-sensitive tax policy, improvement of tax administration processes, strengthening of governance within the mineral sector, along with increased transparency and accountability, reduction of illicit financial flows (IFFs).
President Boakai said the total financial commitment for this project is valued at Units of Account (UA) 13,832,910, which is approximately equivalent to US$ 18,319,000.
Following the reading of the President Boakai communication, a motion was filed that the Ways, Means and Finance, Agriculture, Banking & Currency, and Judiciary Committees review for ratification two critical agreements pertaining to the Institutional Support for Enhanced Domestic Revenue Mobilization and Reform Implementation Project (ISEDRMP). The committees have been tasked to review the agreements and report back to Plenary within two weeks for further legislative actions.
By Tonita N. Copson
