Africa News Bulletin

Liberia’s Economy Has Been Strengthened for the Last Three Years, Insists Minister Wolokolie

Deputy Finance Minister for Fiscal Affairs, Samora Wolokolie, has said Liberia’s strong policy measures in domestic revenue and extended resource support have since developed the economy since the ascendency of President George Weah in 2018.

Appearing as guest of the O.K. Morning Rush on OK. FM 99.5 in Monrovia, Minister Wolokolie said considering what the government of President Weah inherited from his predecessor Ellen Johnson-Sirleaf, it was only wise to appreciate the Liberian leader for the “tremendous” work he has done for the past four years.

“The state of the economy is backed by empirical data. As at January 3, 2018, President Weah inherited a broke economy amounting to a total of $ 114 million United States Dollars, comprising of an 8 million that the government met in the Consolidated Account, an obligation of $ 9 million dollars to the Liberia Electricity Corporation, and a $ 65 million dollars debt that the previous administration borrowed from commercial banks for the refurbishment of streets in Sinkor,” Minister Wolokolie said.

“President Weah is recording giant strides to make Liberian proud.”

Minister Wolokolie listed some of the key drivers of economic growth and diversification in the period to include the country’s strong policy measures in domestic revenues and a better financial image it has attained with the International Monetary Funds (IMF).

Minster Wolokolie promised that the Weah administration will build a more resilient economy, especially as Liberia recovers from the coronavirus pandemic that brought the world to its knees.

To achieve this, he assured Liberians that the Ministry of Finance would continue to implement fiscal measures to improve the nation’s domestic revenues and mobilize external funding support.

According to him, there must be synergy between fiscal and monetary authorities to keep the economy on the trajectory of growth.

Minister Wolokolie’s statements are in reference to President Weah’s recent State of the Nation Address in which he said the country’s economy was “strong and stable”.

Addressing the joint session of the 54th Legislature in the Joint Chamber of the Capitol Building recently, President Weah declared that revenue collection for 2021, including grants, was US$646 million, compared to US$653.9 million in 2020, noting that the decline to the apparent decrease is attributable to more international Covid-related funding that was received in Calendar Year 2020.

“This revenue performance was driven by higher receipts of tax and non-tax revenues, especially taxes on international trade,” the President asserted.

Original story on Front Page Africa

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top