MONROVIA – Lofa County District #3 Representative, Clarence Massaquoi, has expressed concerns over the recent passage of a new financing agreement worth over sixty million United States dollars, just months before the upcoming election. Massaquoi argues that this decision is counterproductive for the country.
By: Dennise Nimpson, Contributing Writer
On June 19, 2023, the Government and the International Development Association signed an agreement, extending credit of US$65,000,000.00 to Liberia in two installments. The repayment schedule includes January 15 and July 15, starting from July 15, 2029, until July 15, 2034, with an interest rate of 8.33334%. A final repayment is due on January 15, 2035, with an interest rate of 8.33326%.
Representative Massaquoi has raised questions about the timing and procedural aspects of the loan’s passage, stating that it did not adhere to the standing order. He argues that the approval violates the established rules of the House, which require a bill or law to be read three or four times before passage.
“It is unprecedented for an agreement to be passed using the wrong procedure,” Massaquoi emphasized. “This loan was submitted to the House and passed on the same day without proper readings, second reading, or referral to the committee room.”
The lawmaker from Lofa County further alleges that the loan was not thoroughly vetted, as required by law, due to the absence of a majority of lawmakers during the ratification process. Massaquoi contends that the rushed passage of the loan, with limited attendance in the session, raises suspicions about the government’s motives.
“A government that genuinely cares for its people would not burden the future generation with over sixty million United States Dollars in debt, especially considering the current situation,” he noted. Massaquoi expressed concerns about the state of the economy and questioned the government’s decision to accumulate more debt for the next six years, particularly in light of the limited time remaining before the current administration’s term ends.
During a press conference held in Monrovia on Wednesday, Representative Massaquoi asserted that his statement reflects the views of all opposition lawmakers who share apprehensions about the government’s hasty approval of the loan, particularly with a private company.