Lower House Ratifies Financing Agreement
By Hilary Vasco Wiagbe, LINA
MONROVIA, March 25 (LINA) -The House of Representatives has ratified a Financing Agreement between Liberia and the International Development Association in the amount of US$20 million.
The agreement, submitted to the House by President Ellen Johnson Sirleaf in November, 2014, was forwarded to the Joint Committee on Ways, Means, Finance; Development Planning; and Judiciary for scrutiny and recommendation to Plenary.
According to the Liberia News Agency, 29 lawmakers voted for ratification of the agreement with one against following a debate on the report submitted by the Joint Committee.
The loan is part of the general budget support within the Fiscal Year 2014-2015 with a principal amount of the credit repayable at 1.5625 percent on each March 15 and September 15, commencing March 15, 2021 and ending September 15, 2052.
“Having scrutinized the Financing Agreement between the Republic of Liberia and the International Development Association as mandated by Plenary about four months ago, which proceeds were also captured as part of the FY2014-2015 Budget, the Joint Committee requests plenary to ratify said agreement which is a pre-condition for legalizing and accessing said funds from the International Development Association,” said the Committee’s report.
Meanwhile, the lower House has forwarded the agreement to the Liberian Senate for concurrence.