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World Bank to support Liberia’s sustainable growth effort

Francis Pelenah/Maximilian Kasseh, Jr.

MONROVIA, LIBERIA-The World Bank Group Board of Executive Directors has approved a new six year program to support Liberia’s effort towards achieving sustainable, resilient pro-poor economic growth and development.

The World Bank Group Board approved the package Tuesday, November 27, 2018, under the Country Partnership Framework (CPF).

The Country Partnership Framework responds to the Liberia’s strategic priorities in its Pro-Poor Agenda for Prosperity and Development, and incorporates views from a wide range of stakeholders following consultations held across the country.

World Bank release said Liberia has made significant achievements after the restoration of peace and stability 15 years ago.


World Bank Liberia Country Manager, Larisa Leshchenko, said the CPF aims to support the most vulnerable in the society by investing better in health and education to give young Liberians and women a better chance to shape their own future.


The Country Partnership Framework will also support infrastructure investments to foster more equitable nationwide development and improve access to basic services.

Meanwhile, the World Bank said Liberia’s GDP growth is expected to recover at an annual average rate of 3.8 percent over the period 2018 to 2020.


Gross Domestic Product is the total market value of all goods produced and services provided in a country over a year.

World Bank said:” The recovery is expected to be largely driven by agriculture, manufacturing and services sectors, as the economy begins to reap the benefits of improved access to roads and cheaper sources of electricity.”


Inflation is also projected to decline from 11.5 percent in 2018 to 9.5 percent by 2020.


The World Bank Group said in line with projected improvements in the economy, poverty is expected to fall from 50.5 percent in 2018 to 48.6 percent in 2020.


It also said the country’s medium-term growth prospects remain positive, although there are still substantial downside risks.

 


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