The plenary of the House of Representatives has mandated its Committees on Ways, Means and Finance, Agriculture, Banking & Currency, and Judiciary to review for ratification two critical agreements pertaining to the Institutional Support for Enhanced Domestic Revenue Mobilization and Reform Implementation Project (ISEDRMP).
The plenary’s decision was triggered by a communication from the President of Liberia, H.E Joseph N. Boakai Sr., seeking legislative approval for the agreements, which are as follows: loan agreement between the Republic of Liberia and the African Development Fund; loan agreement among the Republic of Liberia, the African Development Bank, and the African Development Fund (acting as Administrators of the Transition Support Facility).
According to the President’s communication, the principal objective of the ISEDRMP is to bolster the domestic revenue capacity of the nation.
Specifically, this initiative seeks to achieve the following outcomes: enhancement of gender-sensitive tax policy; improvement of tax administration processes; strengthening of governance within the mineral sector, along with increased transparency and accountability; and reduction of illicit financial flows (IFFs).
The total financial commitment for this project is valued at Thirteen Million Eight Hundred Thirty-Two Thousand Nine Hundred Ten Units of Account (UA 13,832,910), which is approximately equivalent to US$18,319,000.
The committees have been tasked to review the agreements and report back to plenary within two weeks for further legislative action.
