MONROVIA – The Plenary of the Liberian Senate has mandated its Joint Committee on Ways, Means, Finance, Budget, Public Accounts and Claims and Petition to launch an investigation into the effectiveness and alleged mismanagement of over US$2billion financing agreements signed between Liberia and other international financial bodies and countries during the 54th National Legislature of the Coalition for Democratic Change (CDC) led-government of President George Manneh Weah.
By Obediah Johnson
Delivering his first Annual Message in January this year, Liberia’s President Joseph Nyuma Boakai reported that the stock of public debt at end-December 2023 stood at US$2.21 billion, an increase of 8.67 percent compared to end-December 2022 stock of US$2.08 billion.
This, he said, represents a sharp increase of US$1.33 billion compared to the end of December 2017 stock of US$878.17 million (representing 601.8 percent rise).
“Our debt burden has clearly grown astronomically. Certainly, the rescue mission was a necessity for Liberia’s transformation,” President Boakai stated.
But Senators took the decision to launch a probe into financing agreements between Liberia and international financial institutions and countries during regular session held at the Chambers of the Senate on Thursday, February 15.
The lawmakers’ action stemmed from a communication addressed to that August Body by Senators Amara Konneh and Francis Dopoh of Gbarpolu and River Gee counties respectively.
In the communication, the lawmakers expressed concerns over various financing agreements passed by the 54th National Legislature and entered into by the government.
They further raised concerns over the impacts of those financing agreements on the nation’s development.
They called for a probe to be conducted to ascertain the extent to which the terms of these agreements have been adhered to by all parties involved, and the effectiveness of the allocated funds in achieving their intended developmental objectives.
Senators Konneh and Dopoh further urged their colleagues to also establish potential irregularities or mismanagement in the execution of these financing agreements.
They want the Senate to advance recommendations for improving transparency, accountability, and the overall management of future financing agreements.
“Given the critical importance of transparency in the Amended and Restatement of the Public Financial Management Act of 2009 and the effective utilization of financing instruments in fostering national progress, we believe the Plenary of the Senate must launch and inquiry into the status of these financing agreements.”
“Such an inquiry is essential not only for ensuring accountability and safeguarding the interests of our citizens, but also for strengthening public trust in our government’s financial management practices.”
Meanwhile, the Joint Committee is expected to report to Plenary within a period of two weeks.
For several decades now, there have been reports of loan and concession agreements passed by members of the National Legislature not benefitting Liberians, especially those residing in the leeward areas.
The lack of basic social services, access to healthcare delivery, education, better road connectivity, in the midst of huge accumulation of foreign debts, remains an aged-old problem confronting the nation.
Though Liberian tax payers are made to pay back millions of dollars for loans accumulated by past governments, their living conditions remain appalling from one administration to another.
However, the probe being initiated by the Senate may not yield any fruitful results or change the narratives due to the entrenched culture of impunity that continue to glue its way in the post-conflict nation.