Monrovia-Liberia’s Finance Minister, Augustine Ngafuan, revealed that the country’s total debt has surpassed USD 2.58 billion, consisting of both external and domestic liabilities.
Speaking in Buchanan recently, Minister Ngafuan explained that approximately half of this total, over USD 1 billion, is external debt primarily owed to multilateral partners. He further clarified that the repayment terms for some of these debts extend up to 40 years, with no added interest.
Minister Ngafuan stressed the importance of disciplined debt management and transparency as crucial elements in effectively addressing the nation’s financial challenges. He assured that efforts are underway to manage the debt burden while ensuring the protection and stability of the Liberian economy.
At the same time, the Liberia Special Economic Zones Authority (LSEZA) has announced a major investment of USD 19.41 million in the Special Agro-Industrial Processing Zone (SAPZ) located in Grand Bassa County.
This initiative, accordingly, is part of the country’s strategy to boost agro-industrial development, is expected to create 156,000 new jobs, and generate USD 150 million in private investment. The SAPZ project aims to enhance Liberia’s agricultural value chains, attract foreign direct investment, and modernize the processing sector.
With support from the African Development Bank, the project will provide vital infrastructure and promote sustainable growth in the region. Officials have emphasized the project’s potential to transform Liberia’s agricultural landscape, improve food security, and foster long-term economic opportunities for local communities.
