By Bridgett Milton
Capitol Hill July 8, 2028, The House of Representatives has instructed its Joint Committee on Ways, Means and Finance and Judiciary to review two loan agreements intended to finance part of Liberia’s 2026 budget deficit.
The House took the decision following a communication submitted to Plenary by President Joseph N. Boakai.
The committees have been mandated to report their findings before July 17, allowing the plenary to proceed with ratification in a timely manner.
President Boakai said the loan agreements involve the African Development Fund and the African Development Bank, acting jointly as administrators of the Transition Support Facility.
He named the initiative the Fiscal Sustainability and Mining Sector Governance Support Programme, describing it as central to Liberia’s economic recovery agenda.
The president said the programme is designed to strengthen fiscal sustainability, improve mineral governance, promote gender inclusion, and enhance climate resilience for the country.
According to his communication, the Fund has agreed to extend a loan not exceeding Twelve Million One Hundred and Ten Thousand Units of Account to Liberia.
The loan is composed of two components, with Ten Million One Hundred and Eighty Thousand Units of Account coming from the African Development Fund.
The remaining One Million Nine Hundred and Thirty Thousand Units of Account will come through the Transition Support Facility Loan Agreement.
President Boakai explained that a Commitment Charge of 0.75 percent per annum will apply to any undisbursed portion of the loan balance.
He said the Commitment Charge will begin accruing 120 days after the signing of the loan agreement, with payments due on May 15 and November 15 annually.
