Liberia gets two Credit Grant Agreements from World Bank
By Peterking Quaye in Monrovia – The Integrated Financial Management Reforms Project (IPFMRP) and the 2nd Liberia Electricity System Enhancement Project (LESEP) these are two Concessional Credit agreements which was signed between the Government of Liberia (GOL) and the World Bank.
The Integrated Financial Management Reforms Project (IPFMRP) is value at US$5 million while the 2nd Liberia Electricity System Enhancement Project (LESEP) is valued at US$22 million. The agreements are critical towards achieving a middle-level income status for the country by 2030. The Agreement has $12 million of the $22 million is in grant.
Addressing the Liberian Media during the Finance Minister Amara Konneh made it know that as a consequence of an engagement between the Government of Liberia the World Bank, the Swedish International Development Agency, the United States Agency for International Development, and the African Bank among other International Partners was established with a total value of US$28.55 million under a new project, Integrated Public Financial Management Reform Project (IPFMRP).
Liberia’s Public Financial Management Reform Strategy aims to track concrete improvements in selected systems, procedures and resources in a manner that will enable Liberia to gradually develop its own institutional, organizational and human resource capacities in the next three to four years.
Minister Konneh further disclosed that the project will lead to improve budget coverage, fiscal policy management, financial control and oversight of the government of Liberia finances as well as other complementary reforms. Minister Konneh stated that although government has put a lot of effort in enhancing the existing PFM systems, much remains to be done in other to strengthen the systems and put PFM on sustainable framework.
The Finance Minister at the same time disclosed that the second Liberia Electricity System Enhancement Project (LESEPII) is an important effort in the drive to combat Liberia’s energy deficit. Minister Konneh clarified that the LESEP II is an additional financing to the original LESEP which is geared towards improving and increasing access to electricity and decreasing the cost of electrical energy.
Also speaking during the signing ceremony was World Bank Country Director for Liberia Yusupha B. Crookes according to him the Board of Directors of the World Bank has approved the additional credit financing of US$22 million to improve and increase access to electricity under the Liberia electricity system enhancement project executed by the LEC.
Mr. Crookes said the project will assist the LEC extend access to some 33,000 new customers over a five-year period and that it will also support additional power generation through the procurement of a thermal power plant of approximately 10 megawatts and the provision of modern renewable services through the Global Environment Facility financed lantern program for rural communities.
The World Bank Country Director for Liberia furthered that the Integrated Public Financial Management Reform project will assist the Liberian Government to expand and deepen the scope of reforms relevant for advancing accountability, transparency, and reduction of corruption in public institutions to enable Liberians reap sufficient benefits.
The World Bank Country Director told reporters at the signing ceremony that the project will not only benefit the urban population, but would be extended to the rural dwellers.
