- Search Results
 
 
Decline In Rubber, Iron Ore Prices Hurting Economy-Konneh
Date Uploaded: Nov 21, 2014

Minister of Finance and Development Planning Amara Konneh

 

 

 

 

Decline In Rubber, Iron Ore Prices Hurting Economy-Konneh

By Wilfred Gortor \LINA

MONROVIA, November 21 (LINA) - The Minister of Finance and Development Planning (MOFDP) has attributed the massive decline in the economy to the reduction in the prices of Liberia’s primary commodities of rubber and iron ore.

Minister Amara Konneh said the 41.2 percent decline in the price of rubber and 39.2 percent for iron ore came as the result of the economic slowdown in China and the appreciation of the United States dollar up to 2.5 percent.

Minister Konneh made the statement at the Ministry of Information regular press conference held at the ministry Thursday in Monrovia.

Konneh noted that in 2013 the price of rubber was US$126.8 per pound but reduced in 2014 to US$74.6, while a metric ton of iron ore which sold for US$135.4 in 2013, dropped to US$82.3 in fiscal year 2014.

“The massive decrease in the price of the country’s primary commodities has resulted in a 31 percent and 81 percent decrease in export earnings from rubber and iron ore respectively,” Konneh indicated.

He added that Liberia’s average inflation rate which was 7.6 percent in 2013 is projected at 11.4 percent for 2014, while at the end of 2014, the inflation rate which was 8.5 percent in 2013, is projected at 14.7 percent.

Meanwhile, Minister Konneh has indicated that it will require economic discipline as well as budgetary support through grants and loans for Liberia to finance the budget deficit occasioned by the shrink in the nation’s economy.

LINA 

latest headlines
Judge Kaba Reserves Ruling In E.J. Roye Building Case
Judge Yussuf D. Kaba of the Civil Law Court has reserved ruling in a motion for Declaratory Judgment filed by some individuals calling themselves ...more
CENTAL Raises Eyebrow About Political Parties Spending
The Center for Transparency and Accountability in Liberia (CENTAL) has expressed concern over the expenditure of political parties on fleets of n ...more
LTA, Partners End Int’l Internet Workshop
The Liberia Telecommunications Authority (LTA) and partners have ended a two-day international workshop on ICANN (the Internet Cooperation for As ...more
Liberia To Host GIABA Plenary, Ministerial Meetings
Liberia will host the Intergovernmental Action Group against Money Laundering in West Africa (GIABA) 27th Technical Commission/Plenary and 17th M ...more
GOL, Sweden Sign US$21.6m Accord On Feeder Roads In 7 Counties
The Governments of Liberia and Sweden have signed a US$21.6 million agreement to support the third phase of the Liberia-Swedish Feeder Roads Proj ...more
Defense Ministry Relaxes Camp Ramrod Eviction
The Ministry of Defense has with immediate effect put on hold its notice of eviction to inhabitants of the 72nd Camp Ramrod Barracks in Paynesvil ...more
 
All rights reserved © 2013 - 2014
Liberia News Agency