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Min. Konneh challenges African Governments

LINA/Benjamin S. Taingay
Finance and Development Planing Minister, Amara Konneh
Finance and Development Planing Minister, Amara Konneh

(elbcradio.com/Oct. 12, 2015)-Liberia’s Finance and Development Planning Minister, Amara Konneh, has challenged African Governments to explore alternative means of resource mobilization for enhanced economic growth in Africa.

Minister Konneh said the move is necessary in the wake of shrinking concessional financing from multilateral institutions.

The Liberian Finance and Development Planning Minister made the statement recently in Lima, Peru, where he delivered the opening remarks at the regular Governor’s Policy Dialogue Series of the Africa Group 1 Constituency of the International Monetary Fund (IMF).

He also said Sub-Saharan Africa has made significant economic progress in maintaining macro-economic stability and growth, but there remain challenges that require collective sense of urgency.

The Policy Dialogue session was held under the theme, “Creating Fiscal Space to deliver on our Development Aspirations,” on the margins of the World Bank/IMF meetings in the Peruvian Capital, Lima.

Speaking at the forum, he said: “From the IMF country surveillance reports, the continent is still being faced with the recurring challenges of impediments to growth, the need to manage our external and fiscal balances, and the gaps in our infrastructure spending.”

Minister Konneh, the Chairperson of the Group 1 Constituency, named the gaps in our infrastructure spending as principal threat to long-term economic growth targets.

The Finance and Development Minister noted: “Fiscal policy was a viable tool that could affect medium to long term growth in various ways through investment, tax and expenditure decisions.

“Tax revenue could be shifted towards accelerating increased growth,” he further noted.

“Broadening the domestic tax base, and tightening loopholes in revenue administration were other fiscal options critical to addressing negative externalities within the respective economies, Minister Konneh emphasized.

The Liberian Treasury Chief praised the resilience of the citizenry for helping to maintain peace and stability that has created the enabling environment for investment, economic development and social transformation in the country.

He added: “Peace and stability were a necessary precondition for growth across Africa, stressing the need for strengthening governance institutions and processes across the continent to advance our development goals and reduce dependence on foreign aid.”

Minister Konneh shared the panel with IMF Executive Director, Henry Rotich of Kenya, Keith Muhakanizi of Uganda, Moses Tule of Nigeria, Francis Chipimo of Zambia, Martin Gdiamini of Swaziland and Patrick Njoroge, Governor Reception.

 


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