Korea Eximbank, African Development Bank, and MFDP Convene High-Level Dialogue on Strengthening Domestic Resource Mobilization

Monrovia, Liberia  - The Assistant Minister for Revenue and Tax Policy at the Ministry of Finance and Development Planning (MFDP), Andrew N. Ngolloe, has renewed calls for stronger domestic resource mobilization, describing it as a critical pillar for sustaining economic growth, strengthening fiscal resilience, and reducing overreliance on external financial assistance.

The high-level dialogue, held at the Ministry of Finance and Development Planning, focused on strengthening Liberia’s domestic resource mobilization strategy through evidence-based policy reforms and institutional collaboration.

 

Minister Ngolloe noted that robust domestic resource mobilization would enable the Government of Liberia to increase investments in critical sectors, including infrastructure, healthcare, education, agriculture, energy, and youth empowerment initiatives.

 

“Domestic resource mobilization is not merely a fiscal issue; it is about building national resilience and ensuring Liberia finances its own development priorities,” Minister Ngolloe stated. “This government is therefore pursuing an aggressive domestic resource mobilization agenda aimed at strategically expanding the national budget by US$3 billion between 2025 and 2029.”

 

He further stressed that Liberia’s long-term development objectives can only be realized through sustained internal revenue generation and comprehensive fiscal reforms. According to him, key priorities include modernizing tax administration systems, digitizing revenue collection processes, improving taxpayer compliance, and strengthening public-private sector collaboration.

 

Minister Ngolloe described the consultations dialogue as part of ongoing reform initiatives being implemented by the MFDP, the Liberia Revenue Authority (LRA), and development partners, including Korea Eximbank, to reinforce public financial management systems, improve governance standards, and create a more resilient and self-sustaining economy.

 

The Assistant Minister also underscored the importance of knowledge-sharing partnerships in supporting Liberia’s fiscal transformation efforts and enhancing institutional capacity for efficient revenue administration.

 

The event brought together key stakeholders from the Liberia Revenue Authority, the Ministry of Mines and Energy, Korea Eximbank, the African Development Bank, and other financial and development institutions.

 

Participants commended the Ministry of Finance and Development Planning and its partners for convening the dialogue and reaffirmed their commitment to supporting strategic domestic resource mobilization efforts aimed at accelerating national development and improving fiscal performance.