Liberia’s Finance and Development Planning Minister has identified increased domestic resource mobilization as key to growth.
Monrovia, November 8, 2024/ Liberia’s Finance and Development Planning, Mr.Augustine K. Ngafunan, says increasing domestic resource mobilization is key for growth and development across all sectors.
He disclosed this when the Chinese delegation met his senior management team during a courtesy visit at the Ministry of Finance and Development Planning on Monday, November 4, 2024.
According to Minister Ngafuan, increasing domestic resource mobilization across all sectors will fortify the existing governance, fiscal, and capital market institutions, reduce aid dependency, provide more reliable fiscal revenues, and strengthen the social contract between government and citizens. Minister Ngafuan added that doing this would reinforce citizens’ oversight and supervision of using budgetary revenues.
“The leadership of President Boakia is committed to increasing domestic resources across all sectors that will align with the National Development Agenda for inclusive growth and development.”
He praised the Chinese government through the delegation for supporting Liberia’s health and education sectors.
‘’ Your support over the years has been a source of hope for Liberians across the health and education sectors,’’ he noted.
However, we are working with our development partners to target the two huge binding constraints to growth. ‘’ Energy and road are the two huge binding constraints that need a robust turn for our country,’’ Minister Ngafuan added.
The government of Liberia is currently working and hoping to qualify for Compact Two, for which we have met the score of 14 out of 20.
‘’ Our job is to continue showing progress to our people because they deserve better lives, and we are making some big moves towards that, ” he added.
Minister Ngafuan noted that the new cost of hydro-energy construction on the St. Paul River will be around 800 million United States dollars. They are trying to improve power generation by utilizing solar power.
“We are going to make some reforms to the electricity facility across the country and try to strengthen accountable institutions like the General Auditing Commission, which has been rolling out many audit processes.”
The Chinese delegations praised Ngafuan for his steadfast leadership role-play as finance and development Planning Minister.
China is committed to working with you through whatever infrastructure development to foster growth and development.
According to Ambassador YIN Chengwu, the Ambassador of the People’s Republic of China, China will continue to support the Liberian government’s efforts to realize its development potential.
‘’ We are willing to support any of your national development and infrastructure projects across Liberia.’’ Amb. YIN explained.
China and Liberia enjoy friendly relations. In recent years, the Chinese and Liberian people have stood together in the joint fight against Ebola and COVID-19 and engaged in sincere cooperation in the cause of national development, adding new dimensions to bilateral relations.
Liberia and China’s cooperation has been growing since the resumption of bilateral cooperation in 2003 and the continuous peacebuilding in Liberia. In 2012, the Chinese government offered duty-free treatment to 95% of Liberia’s exports to China.
