Liberia’s Debt Stock Swells

-Stands At US$987.8m; President Weah Discloses

By Jackson C. Clay, Jr.

President George Manneh Weah says Liberia’s debt stock now stands at U$987.8 million as of 2018.

According to the Liberian leader, the increase in the debt stock of U$109.6million during the period under review is mainly on account of disbursements from borrowing external loan portfolios, including the World Bank, African Development Bank, BADEA and Saudi Arabia, which were ratified in 2017.

“To date, my administration has not added to the debt stock, but that does not mean we will not increase the stock of debt. In the interest of our people, we are working on this,” he said this when he delivered his second annual message to the nation on Monday January 28, 2019 at the Capitol Building.

“Of this amount, approximately U$279.2million represents seventy percent (70%) in grants; while the remaining U$120million represents thirty percent (30%) received as concessional loans,” President Weah noted

The Liberian leader described the issue of the country’s debt as the commitment of the country’s partners and the international community to supporting the dreams and aspirations of the Liberian people, and their confidence in the country’s fiscal discipline.

He expressed deep sense of gratitude to Liberia’s development partners, saying “our administration remains grateful to our development partners for the level of assistance we have received since my ascendency as President of the Republic of Liberia.”

President Weah puts the total official development assistance received by Liberia from January up to September 2018 under his watch at U$399million in support of various programs and activities under his government Pro-Poor Agenda.

Meanwhile, President Weah has called on the Legislature to join him in expressing the country’s sincere thanks and profound appreciations to its donor partners.

TNR