Monrovia, Liberia – The visiting team from the International Monetary Fund (IMF) has praised Commissioner General James Dorbor Jallah of the Liberia Revenue Authority (LRA) for his outstanding revenue collection efforts and promised the Fund’s assistance in building on this achievement.
The head of the IMF delegation, Mr. Daehaeng Kim, visited the LRA headquarters in Paynesville on Tuesday, November 12, 2024, and praised the organization’s accomplishments, highlighting the remarkable revenue performance at the end of October 2024, which exceeded the anticipated revenue target by 1%. With an astounding US$572.6 million collected, the LRA surpassed its year-to-date goal of US$568.2 million, the biggest amount of domestic income it has raised this early in the year since its founding ten years ago.
Mr. Kim acknowledged the vital role that Commissioner General Jallah and his staff at the LRA have played in Liberia’s progress and emphasized their tenacity and dedication in the face of many obstacles. He noted that seeing such impressive progress as a result of the LRA’s diligence and Commissioner General Jallah’s leadership was heartening. Kim stated, “Effective revenue mobilization is essential to Liberia’s economic stability, and the IMF is happy to see this progress,” before inquiring about the difficulties the LRA is facing.
Discussions about the IMF’s role in promoting Liberia’s fiscal and economic stability with the government and important state players were the main focus of the IMF delegation’s visit. The IMF is interested in the performance and growth initiatives of the LRA as a major national institution in this agenda and has promised to continue supporting it.
In response to the IMF’s commendation, Commissioner General Jallah expressed gratitude, noting that while progress has been made, there remains significant work to unlock Liberia’s full revenue potential. He outlined key priorities for the LRA, including:
- Leveraging technology and digitization to enhance efficiency,
- Expanding the real estate tax base through a national cadastral system,
- Implementing electronic fiscal devices,
- Transitioning from a Goods and Services Tax (GST) system to a Value-Added Tax (VAT) model,
- Strengthening staff motivation with competitive salaries and incentives.
The Commissioner General also emphasized how Liberia’s tax base may be increased by utilizing the development potential of new industries like the digital economy and tourism.
“Achieving these transformational programs requires substantial financial and technical resources,” said CG Jallah. “We look forward to support from the IMF and other international partners to help the LRA meet its annual revenue targets and drive Liberia’s economic growth.”
Deputy Commissioner General for Technical Affairs Gabriel Montgomery and other important LRA executives joined Commissioner General Jallah in the meetings. The LRA underlined how crucial it is to keep funding projects that increase income in order to guarantee Liberia’s long-term economic growth.
Joel Chiedu Okwuokei, IMF Resident Representative; Giuseppe Cipollone, Senior Economist; and economists Thabang Molise and Sotima Jocelyn Koussere were among the other members of the IMF group.
