House’s Committees To Probe Financing Agreement By Mark N. Mengonfia – mmenginfia@gmail.com

The plenary of the House of Representatives has mandated two of its Committees to probe a Financing agreement between Liberia and the International Development Association (IDA). 

The instrument dated September 21,2020 was sent to that body by Liberian President, George M. Weah, but it surfaced in open plenary on the  October 6,2020.

The instrument according to the President,  was signed  on August 7 & 19, 2020 between the International Development Association and Liberia respectively.

Accordingly, IDA agreed to extend to Liberia a grant and a credit facility which  seemed as concessional financing in the amount to assist in financing program.

” An amount equivalent to nine million two hundred thousand special drawing rights ( SDR 9,200,00 Grant ) and an amount equivalent to nine million two hundred thousand united states dollars special drawing rights ( 9,200,000 credit”), the President said in the communication addressed to the Speaker of that August body. 

President Weah added in the communication that the credit will be repaid at a rate of 1.5625% .

The Liberian leader furthered in the communication when the financial institution is approved by them,   payments commence on August 1,2026  and end on February 1 2058.

President Weah  requested members of that body to ratify the financial agreement to support electricity sector of Liberia.

Upon the reading of the communication, a motion was raised sending it to House of Representatives Committees on Ways, Means, Finance & Development Planning and Judiciary to make a full report to the plenary of the House on next working session.

With this decision by the plenary, it means that the committee will be making reports on the 7th of October,2020.