- Search Results
 
 
Pres. Sirleaf Confident Of Economic Rebound
Date Uploaded: Jan 26, 2017

President Ellen Johnson Sirleaf 

 

Pres. Sirleaf Confident Of Economic Rebound

MONROVIA, January 24 (LINA) - President Ellen Johnson Sirleaf has expressed optimism that Liberia's economy will return to a trajectory of positive growth as a result of several measures to be implemented under the nation's Poverty Reduction Strategy.

President Sirleaf said although the nation's economy plummeted to zero percent as a result of the Ebola crisis and other economic shocks, through resilience and determination things have stabilized with growth in 2017 projected at 3.2 percent.

"The economic shocks profoundly affected fiscal performance. In fiscal year 2015/16, actual revenue declined by nine percent, or US$51.8 million," President Sirleaf noted Monday in her final Annual Message to the nation.

The Liberian leader said given the continuing economic difficulties, the nation adopted a conservative approach for fiscal year 2016/17, projecting revenue at US$555.9 million.

She indicated that the Legislature subsequently approved a budget based on revenue intake of US$600.2 million, adding: "This could be a challenge to collect unless we work together, with cooperation from the public, to intensify mitigating factors such as tax compliance and enforcement of anti-money laundering and anti-corruption measures."

President Sirleaf noted that government has concluded collaborative partnerships with several institutions and bilateral partners.

She said the performance of the Liberia Revenue Authority (LRA) which was established in July 2013, to administer and enforce revenue laws in accordance with the Liberia Revenue Code, will determine Liberia's progress in increasing the level of domestic revenue.

The Liberian leader emphasized that the declining trend in official development assistance is a clear signal of the unsustainable nature of foreign aid, and as such government must widen the tax base and identify alternative sources of income.

This, according to President Sirleaf, includes investments in infrastructure that would result in diversification of the economy and, potentially, increase domestic revenue.
LINA WSG/TSS/PTK

 

latest headlines
‘Poverty Rate Still High In Africa,’ Says WB Lead Economist
World Bank Lead Economist and the author of the Africa’s Pulse Report, Punam Chuhan-Pole, has observed that with poverty rates still high in th ...more
Africa’s Economic Growth In Upswing After Sharp Slowdown - Report
“Economic growth in sub-Saharan Africa is rebounding in this year after registering the worst decline in more than two decades in 2016,” the ...more
FeJAL, SWEL To Sign HQ Construction MoU
The Female Journalists Association of Liberia (FeJAL) will on Thursday, April 27, sign a Memorandum of Understanding with the Society of Women En ...more
NBC Retires Six
The National Bureau of Concessions (NBC) has retired six employees in recognition of their meaningful services to the government and people of Li ...more
Liberia YMCA Gets New CEO
The Board of Directors of the Young Men’s Christian Association (YMCA) of Liberia has appointed E. Timotheus Kamaboakai as the new National Gen ...more
Commerce Ministry Begins Inspection Of Businesses April 24
The Ministry of Commerce and Industry has announced that it will commence regular quarterly inspection of business entities on Monday, April 24. ...more
 
All rights reserved © 2013 - 2014
Liberia News Agency