Mon - Fri: 9:00 - 17:00
Sat-Sun Closed
Broad & Mechlin Street

Africa needs Fiscal Space to Deliver on Development Aspiration-Konneh Declares

Finance and Development Planning Minister addressingLiberia’s Finance and Development Planning Minister, Amara M. Konneh has challenged African Governments to explore alternative means of resource mobilization for enhanced economic growth in the wake of shrinking concessional financing from multilateral institutions.

Delivering the opening remarks at the regular Governor’s Policy Dialogue Series of the Africa Group 1 Constituency of the International Monetary Fund, Konneh observed that sub-Saharan Africa has made significant economic progress in maintaining macroeconomic stability and growth but challenges still remained that required a collective sense of urgency.

The Policy Dialogue session was held under the theme “Creating Fiscal Space to deliver on our Development Aspirations” on the margins of the World Bank/IMF meetings in Lima, Peru.

Speaking at the forum, Minister Konneh, who is also Chairperson of the Group 1 Constituency said from the IMF country surveillance reports, the continent still faced the recurring challenges of impediments to growth, the need to manage our external and fiscal balances, and gaps in our infrastructure spending- a principal threat to long-term economic growth targets.

Accordingly, he said fiscal policy was a viable tool that could affect medium to long term growth in various ways through investment, tax and expenditure decisions, stressing that tax revenue could be shifted towards accelerating increased growth

Konneh said broadening the domestic tax base; tightening loopholes in revenue administration were other fiscal options critical to addressing negative externalities within the respective economies.

In closing, the Liberian Treasury chief praised the resilience of the people of Liberia for helping to maintain peace and stability, which has created the enabling environment for investment and economic development and social transformation.

Peace and stability were a necessary precondition, he emphasized, for growth across the continent, stressing the need for strengthening governance institutions and processes across the continent in order to advance our development goals and reduce dependence on foreign aid.

Minister Konneh shared the panel with Executive Director IMF, Henry Rotich (Kenya), Keith Muhakanizi (Uganda), Moses Tule (Nigeria), Francis Chipimo (Zambia), Martin Gdiamini (Swaziland) and Patrick Njoroge Governor Reception.

Latest Press Release

11 August 2019
Press Release

Eid Al Adha Mubarak to all our Muslim brothers and sisters at the Ministry of Finance and Development Planning in commemorating the sacrifice made by Abraham in obedience to Allah's command.

09 August 2019
Press Release
Monrovia, Liberia - The Ministry of Finance and Development Planning through its Department of Economic Management on Friday August 9, 2019 received 15 computers including computers tablets and printers from the African Development Bank (AFDB)....


Wait a minute, while we are rendering the calendar

P. O. Box 10 - 9016
Broad & Mechlin Street
1000 Monrovia


Get updates and important events straight to your inbox. We don't spam

© Copyright 2019 | Ministry of Finance and Development Planning | . All Rights Reserved.