While presenting a detailed report on the proposed recast budget to the Joint Committees on Ways, Means and Finance and Public Accounts of the House of Representatives, during a public hearing at the Capitol Building on February 10, 2016, Minister Konneh accentuated on the Fiscal and Monetary burden on the Liberian economy which is being manifested by the drop in the prices of its core export commodities on the global market.
According to an MFDP release, Minister Konneh highlighting the nation’s current budget which is in the tune of a little over US$600 million indicated that as a result of the economic burdens, US$70 million has been trimmed following a comprehensive fiscal analysis by the Ministry of Finance and Development Planning.
He said the current economic shock being experienced by the nation was also inherited from the recent health crisis prompted by the Ebola virus, which is now compelling the nation to perform below the average of its projected growth.
The MFDP’s Minister further noted that, “I think if Liberia must be a suitable destination for foreign direct investment as well as encouraging investment in the private sector, efforts must be exerted to eradicate political risks.”
Emphasizing, “This can be addressed by increasing support to the security sector to enhance the capacities of security functionaries such as the Liberia National Police to ensure that the environment is tenable to host investors.
Meanwhile, in a bid to analyse the MFDP’s report, the relevant committees of the House of Representatives which is responsible for such action, is expected to hold further deliberations on Minister Konneh’s deliberations.