By Bill W. Cooper
Finance and Development Planning Minister, Augustine K. Ngafuan has publicly commended the government of former President George Weah for the country’s selection for a second Millennium Challenge Corporation (MCC) Compact.
However, his commendation, made Tuesday, during a joint interview on Prime FM, marks a pivotal moment in the country’s ongoing efforts to secure international funding and support for its development initiatives.
The MCC, a U.S. government agency established in 2004, aims to reduce poverty through sustainable economic growth, as the selection of Liberia for its second compact is a testament to the progress the country has made since the first compact during the Administration of former President Ellen Johnson Sirleaf.
Signed in 2010 and focused on infrastructure and education, the new compact is expected to address critical areas such as energy, agriculture, roads and governance, which are essential for Liberia’s long-term development and part of the government’s ARREST Agenda.
During his appearance, Minister Ngafuan also highlighted the importance of this achievement, stating, “The selection of Liberia for a second MCC Compact is not just a win for the government but a victory for the people of Liberia.”
He emphasized that the compact would provide much-needed resources to tackle the pressing challenges facing the nation, and said, “It also reflects our commitment to good governance, economic reform, and the pursuit of sustainable development.”
Also, the first MCC Compact, which was valued at approximately $257 million, focused on improving infrastructure, particularly in the areas of electricity.
It also aimed to enhance the quality of education and promote agricultural productivity. successful compact the demonstrating the country utilize aid.
“We want to acknowledge the government of former President Weah for the effort its effort over the years even though they were not fortunate to have been selected for the compact which mark the second selection in the country history.
And it is true to acknowledge that under former President Weah’s leadership, Liberia made significant strides in improving its governance framework and economic policies, and his administration’s commitment to reform has been recognized by the MCC, making it easy for our country’s selection,” the Minister asserted.
Meanwhile, the announcement of the country second selection of the MCC Compact comes at a crucial time, as a result of economic challenges exacerbated by the COVID-19 pandemic and global economic fluctuations.
The compact, once secured following all of the basic formalities for securing is expected to inject much-needed capital into the economy, creating jobs and stimulating growth in key sectors.
The compact is also expected to enhance Liberia’s competitiveness in the global market, and by improving infrastructure and governance, the country can create a more conducive environment for both local and foreign investors.
Minister Ngafuan asserted, “A robust energy sector and efficient agricultural practices will not only benefit the local population but will also position Liberia as an attractive destination for investment and this is something that this government is sure and confident about.”
The finance minister also highlighted the need for continued political stability and collaboration among various stakeholders, and added, “Again, our Compact depend on the ability of all of us together aside from our differences and focus on what is best for Liberia.”