It has been announced that the European Union (EU) has allocated some US$56 million in direct budgetary support over the next three years, with an additional US$7 million earmarked for institutional project support to Liberia.
The pronouncement was made when the Commissioner General of the Liberia Revenue Authority (LRA), James Dorbor Jallah, along with senior LRA officials, yesterday hosted key discussions with a delegation from the EU and the newly appointed Resident Representative of the International Monetary Fund (IMF) at the LRA Headquarters in Paynesville.
The talks centered on sustaining the LRA’s recent achievements in revenue collection and exploring new strategies to increase domestic revenue, supporting Liberia’s economic growth.
Making the pronouncement, the Head of Political and Economic Governance Cooperation, Anna Brzozowska, leading the EU delegation, emphasized the LRA’s pivotal role in Liberia’s economy and highlighted the meeting’s objective of identifying areas where the EU could assist the Authority in enhancing its capacity to further drive revenue growth.
While IMF’s Resident Representative Joel Chiedu Okwuokei expressed his appreciation for the opportunity to meet with LRA leadership, stating that the LRA is crucial to Liberia’s economic outlook.
Mr. Okwuokei reaffirmed the IMF’s commitment to collaborating with the LRA, noting that its efforts are key to shaping the nation’s economic future.
Expressing gratitude to the EU for its supports, Commissioner General Jallah pointed to Liberia’s significant untapped potential in the real estate sector, which requires strategic investments to unlock.
He underscored the importance of establishing a national cadastral system, noting that the LRA has already begun decentralizing its real estate initiatives in Grand Bassa and Margibi Counties, aligned with the implementation of elements from the Local Government Act.
The Commissioner General also provided an optimistic forecast for the LRA, revealing that the Authority is on track to collect at least US$700 million in domestic revenue by the end of 2024.
He outlined the LRA’s long-term vision of reaching a billion-dollar revenue milestone, emphasizing the institution’s focus on its goals amid political distractions and external noise.
