Finance and Development Planning Minister Boima Kamara
Cabinet Mandates Austerity Measures
MONROVIA, November 5 (LINA) - Cabinet mandated austerity measures that seek to address emerging economic challenges.
According to an Executive Mansion release, the decision followed a careful assessment and analysis of the country’s current economic outlook.
Earlier, Finance and Development Planning Minister Boima Kamara provided Cabinet a holistic reflection of Liberia’s existing economic outlook based on the hindsight of the Economic Management Team, obtaining challenges and advanced recommendations aimed at economic diversification for value addition.
Cabinet also received an overview specific to revenue intake, how likely projections, particularly in the agriculture and manufacturing sectors, once explored, could lead to improved prospects for the national envelope.
Cabinet further assessed the expenditure component with respect to prudent austerity actions that will ensure macroeconomic stability in the short, medium and long terms.
The Cabinet mandated legislative engagement with a view to amending the country’s existing Revenue Code to creatively attract additional sources of revenue in the telecommunication sector as well as from alcohol and tobacco in furtherance of the national development agenda.
Cabinet further mandated its Secretariat to track all previous policies decisions geared toward stimulating economic and actionable outcomes so as to use same as a basis for future considerations.
Meanwhile, Cabinet received updates from the Agric-processing and Manufacturing Task Force on the status on key economic diversification and value addition stimulus targets intended to promote increased private-partnership participation.