World Bank Sets To Approve US$40 Million Budget Support For Liberia

By P. Vangerline Kpotoe

MONROVIA, Oct. 22 (LINA) – The Minister of Finance and Development Planning, Augustine K. Ngafuan, has revealed that the World Bank is on the verge of approving US$40 million grant to the Liberian Government in November or December to support its national budget

Speaking on State radio on Thursday, October 17, 2024, Minister Ngafuan underscored the importance of receiving these funds promptly, stressing that the government urgently needs financial support to address critical challenges, particularly in disaster response, for which there is currently no budget allocation.

“I had a meeting scheduled with the World Bank's president to ensure that the US$40 million budget support would come in November or early December, followed by an additional US$20 million,” Ngafuan stated.

The Finance Minister emphasized that any delays in securing the funds could have severe consequences, noting that he spent the past week collaborating with the Cabinet and various line ministries to expedite all actions necessary to ensure timely receipt of the funds.

The Liberian Finance Minister revealed that among the key issues raised were delays in domestic debt payments, allotment complaints from ministries and agencies, and the need for better communication and systems to regulate revenue targets and timely payments.

Ngafuan highlighted that improvements in managing vendor shares and Central Bank payments are crucial to prevent further delays in essential financial transactions.

“As I prepared for my meetings with the World Bank and other stakeholders, it was essential that all these issues were resolved to secure the much-needed financial support for Liberia,” the Finance Minister cited.

Ngafuan also reiterated that the Ministry of Finance is actively addressing complaints regarding delayed or post-approved allotments from ministries, agencies, and commissions, aiming to streamline financial processes and improve efficiency.