Liberia-Liberia’s Minister of Finance Development Planning, Augustin Kpehe Ngafuan, has disclosed that the government is seeking US$20 million from the World Bank to address some of the budgetary constraints that the government is confronted with in addressing developmental projects and domestic debts.
According to Minister Ngafuan, he is going to deal with the World Bank to secure funding. “I am going to have a meeting with the World Bank President to get the money in time, the US$20 million supports, so the reason I’m going to the meeting is to consolidate the commitment,” the Finance Minister said.
Speaking on state radio on Thursday, October 17, Minister Ngafuan said the government budget has increased, stressing that the government is on a great trajectory. “This year we expect the economy to grow, by 5 percent, the mining sector is picking up, we expect a huge product,’ he added.
The Minister of Finance Development Planning further disclosed that one of their challenges is to generate the needed revenue from the mining sector.
“What is happening in the sector, we have an ambitious agenda, we have to deal with the constraints to grow the budget, action has been taken, in case to consider those the road agenda, the power, we must open the country, begin this dry season there will be, activities have started on the overhead bridge,” he said.
Speaking on the domestic debt, Minister Ngafuan indicated that people have supplied goods for the government with goods that the government is obligated to address, emphasizing, “Every year the domestic debt has increased, so we have to try even the banks, the government owes the banking community and we are trying to see how we deal with the interest, so it is my duty working with everyone to restore the credibility of the government.”
He asserted that the Liberian Government has lost its credibility because of its inability to pay back its loans. “We are working with the World Bank, the African Development Bank, the changes are huge, and the progress is also huge,’’ he indicated.
Minister Ngafuan further disclosed that government is working to increase the domestic debt budget in the next budget year to address some of the constraints in paying domestic debt.
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