The Government of Liberia (GOL), through the Ministry of Finance and Development Planning, and the One United Nations System has held a technical engagement session for the national development plan, with focus on the macroeconomic outlook.
The technical session was held on Monday, May 27, 2024 with the full objective to share perspectives and lessons learned from past national planning frameworks (National Vision, AfT and PAPD and SDGs, as well asAgenda 2063, etc.).
The meetings also reflected on indicative priorities and key themes, while also mapping emerging development pathways, looking at the broad goals for the New NDP, and sought to deepen understanding of the current development context, as well as, building consensus on the engagement schedule and to reviewing the questionnaires to be used for the sub-national level engagement.
According to the technical team, the macroeconomic outlook plays a critical role in the development or the formulation of a national development plan.
The full purpose is to guide policy decisions, inform resource allocation and assess their impact on achieving development goals, ensure sustainable growth and poverty reduction.
It also suggests an enabling environment for investment climate and business environment, accesses external factors and global contexts to provide the basis for monitoring and evaluation.
Moreover, the macroeconomic framework will consider medium projection and key fiscal and monetary issues by taking into account future possibility of shocks and develop sustainable, innovative means of financing the plan away from business as usual.
The strategy is to carry out assessment of the current economic state, undertake stakeholders’ engagement and data collection, conduct economic modeling and data collection, carry out scenarios analysis, provide policy recommendation, examine fiscal and monetary policies, consult sector specific strategies, inclusive growth and social development and conduct risk assessment and mitigation.