By Grace Q. Bryant
President Joseph Boakai has called on the House of Representatives to approve two key agreements aimed at enhancing Liberia’s economic growth.
These agreements are critical to the Institutional Support for Enhanced Domestic Revenue Mobilization and Reform Implementation Project (ISEDRMP).
The agreements include a loan agreement between Liberia and the African Development Fund, and a loan agreement among Liberia, the African Development Bank, and the African Development Fund, which is acting as the administrator of the Transition Support Facility.
According to the President’s communication, the primary goal of the ISEDRMP is to enhance the country’s domestic revenue capacity.
The project aims to achieve several key outcomes, including the enhancement of gender-sensitive tax policies, the improvement of tax administration processes, and the strengthening of governance within the mineral sector. It also focuses on increasing transparency, accountability, and reducing illicit financial flows (IFFs).
The total financial commitment for this project is valued at 13,832,910 Units of Account (UA), which is approximately equivalent to USD 18.3 million.
The plenary has assigned its Committees on Ways, Means and Finance, Agriculture, Banking & Currency, and Judiciary with reviewing the agreements for ratification.
The committees have been instructed to review the agreements and report back to plenary within two weeks for further legislative action.
In addition to the ISEDRMP, President Boakai has also sought approval for a loan from the OPEC Fund for International Development to support the “Special Agro-Industrial Processing Zone Project.”
This initiative is designed to increase agricultural productivity and reduce Liberia’s dependence on food imports. The loan will facilitate the establishment of agro-industrial zones that will boost food security by increasing local agricultural output and providing vital infrastructure for food processing.
The Special Agro-Industrial Processing Zone project is expected to reduce the country’s imports of staple foods, create jobs, alleviate poverty, and stimulate investment in the agro-industrial sector. It will also foster opportunities for private sector investments and integrate smallholder farms and agro-processors into sustainable agro-value chains.
This project is part of Liberia’s Agricultural Sector Investment Plan (2017-2025) and aligns with the country’s Pro-Poor Agenda for Prosperity and Development (2018-2023). It also supports the African Development Bank’s Country Strategy Paper (2019-2023) to improve economic governance and enhance private sector development. The project is further aligned with the Bank’s ‘Feed Africa’ Strategy (2016-2025) and its Jobs for Youth in Africa Strategy (2016-2025), which aim to combat unemployment and underemployment across the continent.
In his communication to the Legislature, President Boakai underscored the importance of the loan in strengthening domestic food production and reducing Liberia’s dependency on imports. “The primary objective of this agreement is to enhance food security by promoting agricultural productivity and fostering agro-industrial development,” he stated.
Following the President’s request, the House of Representatives has assigned the committees to review the loan agreement and provide their findings within two weeks.
The committees are expected to assess the feasibility of the project and ensure that it aligns with Liberia’s national development priorities.
Once the committee reports are submitted, the House will deliberate further on the project.
The loan is anticipated to drive investment in agro-industrial infrastructure, boost food production, and generate jobs, particularly in rural areas.
