Monrovia, Liberia – Boima Kamara, Liberia’s Minister of Finance and Development Planning, has emphasized the importance of concentrating on the growth of the national economy. “It is important to emphasize that our nation needs an expansion in the country’s economy as we begin this revenue hearing.”
The Joint Legislative Committee on Ways, Means, and Finance was informed by Minister Kamara that substantial economic investments require the approval of the required fiscal policies.
He also emphasized how crucial it is that the Liberia Revenue Authority, the Ministry of Finance and Development Planning, and the Legislature collaborate to make sure the right interventions are made, particularly in the passing of the Value Added Tax (VAT) Bill.
Aside from boosting domestic tax collection, Minister Kamara said added that the passing of the VAT Bill will also improve accountability and transparency and promote national development. In collaboration with the Liberia Revenue Authority, he declared that, with the right growth strategy over the next six years, the government could reach the $1 billion USD revenue milestone.
“The nation needs us now to forge stronger partnership in developing the needed fiscal policies to accelerate the country’s pace of growth and development.”
With a number of advantageous macroeconomic factors at play, Minister Kamara projected a favorable medium-term future for the nation.
“Over the medium term, we are seeking a growth path of five percent to eight percent (5% to 8%) and possibly up to ten percent (10%) growth over the next six years,” added the minister with a rich experience in the management of both the fiscal and monetary sectors of the country’s economy.”
On March 14, 2024, the Boakai government delivered the Draft 2024 National Budget to the National Legislature. The draft budget’s estimated income is USD 692.2 million.
Reported by: Augustine Octavius
Contact: +231777463963
Email: augustineoctavius@gmail.com
