- Search Results
 
 
House Ratifies Key Loan, Financing Agreements
Date Uploaded: Jul 01, 2016

Capitol Building

 

 

House Ratifies Key Loan, Financing Agreements

By Wilfred Gortor, LINA

MONROVIA, June 30 (LINA) - The House of Representatives Thursday ratified two loan agreements in the amounts of US$20 million and US$12 million signed between Liberia and the OPEC Fund for International Development and the Arab Bank for Economic Development in Africa respectively.

The House also ratified on Thursday, two financing agreements in the amount of  42,700,000 Special Drawing Rights, which is equivalent to US$60 million and 7,200,00 Special Drawing Rights (SDR), which is also equivalent to US$10 million.

The two financing agreements were signed between Liberia and the International Development Association and were presented along with the loan agreements to the Legislature by President Ellen Johnson Sirleaf.  

A Special Drawing Right (SDR) is an international reserve asset, created by the International Monetary Fund (IMF) in 1969 to supplement the existing official reserves of member countries.

The SDR is neither a currency, nor a claim on the IMF, but it is a potential claim on the freely usable currencies of the IMF members.

The ratification of the agreements was based upon a recommendation contained in a report from the House joint committees on Ways, Means and Finance, Judiciary, Youth and Sports and Public Works and Rural Development.

The committees recommended in their report to the House plenary on Thursday, that having reviewed and analyzed the financing and loan agreements which were submitted by President Sirleaf, they were convinced that the agreements were in the best interest of the people of Liberia.

The Committees stressed that the agreements will yield increased social benefits for Liberia and its inhabitants as well as improve the nation's economy, among other benefits.

The agreements are to be forwarded to the Liberian Senate for concurrence.

LINA WSG/PTK

latest headlines
CNFA-Liberia& Partners SupportCommercialization of Local Rice
An international NGO, Cultivating New Frontiers in Agriculture-Liberia (CNFA-Liberia) and the International Fund for Agricultural Development (IF ...more
Coca-Cola Africa Recommits To WASH Promotion
Coca-Cola Bolstering Africa’s Resilience and Replenish Africa Initiative Programs say more than six million Africans are expected to be reached ...more
Children Forum Craves Justice In Bong
More than 150 children from the 13 administrative districts of Bong County under the umbrella of the Liberian Children Forum have gathered in Gba ...more
PUL To Hold Conflict Sensitive Journalism, Social Media Activists Training
The Press Union of Liberia (PUL) has announced that it will hold a two-day Conflict Sensitive Journalism and Social Media Activists Training from ...more
UN Begins Women Confab In Bong
The United Nations Entity for Gender Equality and Empowerment of Women in Liberia is currently conducting four-day Peace Hut Women Strategic Plan ...more
CU Prexy Brown Is 170th Independence Day National Orator
The Ministry of Foreign Affairs has announced that Dr. Herman Beseah Browne, President of the Cuttington University is the 170th Independence Ann ...more
 
All rights reserved © 2013 - 2014
Liberia News Agency