MONROVIA, LIBERIA (BST RELEASE)-Finance Minister, Samuel Tweah, has assured Liberians of economic recovery and prosperity beginning 2020 and the years ahead.
Minister Tweah assured that government officials are fully committed to achieving the mandate and development vision of President George Weah, focusing on addressing the economic challenges facing Liberians.
The Finance Minister was speaking Tuesday, January 22, 2020, at the singing of the Preparatory Project Advancement Agreement of US$3.7 million out of US$40 million Fisheries Agreement between the World Bank and the Government of Liberia.
Minister Tweah said:” Amidst challenges faced by Liberians in 2019, Government is making progress to improve the fiscal and monetary sectors, as evidenced by the confidence restored at the Central Bank of Liberia (CBL).
In another development, the Liberian Finance Minister also confirmed that the Government of Liberia has paid all arrears owed the Liberia Water and Sewer Corporation.
Minister Tweah further disclosed that Government has begun processing the payment of 600-thousand United States Dollars of One million United States Dollars owed the Liberia Electricity Corporation and that full payment will be done in the next few weeks.
Meanwhile, World Bank Country Manager, Dr. Khwima Nthara, said:” The Bank believes making an impact in the Fishery Sector will be transformative, and that supporting Liberia in the right and significant way was important.”
Dr. Nthara expressed the hope that Liberia will get the requisite qualification from the EU to enable the sector gain access to the EU market to attract significant investments.
He also expressed commendations for the development vision of President Weah as embedded in the Pro-poor Agenda for Prosperity and Development, and assured the Bank’s continual support.
The US$40 million project titled, “Sustainable Management of the Fisheries Project”, is aimed at sustaining the gains of the WARFP in Liberia and developing national capacities to improve fisheries sector.
The new World Bank National Fisheries Project will focus on the rehabilitation and expansion of the Mesurado Fishing Pier to a state-of-the-art modern fishing port with onshore processing facilities for value addition.
In another development, The Government of Liberia says it is working on a 109 million United States Dollar plan to improve structural stability at the Liberia Electricity Corporation.
According to Finance Minister Samuel Tweah, the Five-year plan produced by the LEC will ensure significant development at the management level of the entity.
Minister Tweah re-iterated government’s commitment to reforming the LEC to generate more revenue and contribute to the National budget.
The Liberian Finance Minister said:” Government remains focused to fighting structural and financial losses at the LEC, as demonstrated by the passage of the Power Theft Law in 2019.”
Minister Tweah made the disclosure Tuesday, January 21,2020, at the signing ceremony of a three point seven (3.7) Million Dollar agreement to boost the fisheries sector of Liberia.