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President Ellen Johnson-Sirleaf has requested the National Legislature to ratify a US$20 million loan agreement between the Government of Liberia and the International Development Association (IDA).
In a letter to the body dated December 16, 2014, the Liberian leader indicated that the loan is for budgetary support to finance the Second Poverty Reduction Support Development Policy which seeks to sustain and deepen government's efforts in governance reform and human capital development.
The Poverty Reduction Support Development Policy further aims to improve transparency in government and reduce opportunity for corruption as well as enhance exclusive growth and employment.
The Liberian Leader informed the House that the principal amount of the credit shall be repaid between March 15, 2015 to September 15, 2052.
The Liberian Leader, who asked the lawmakers to ratify the instrument in view of its important purpose, pointed out that “this effectiveness deadline is ninety days after the date of this Agreement”.
Following the reading of the communication in session on Thursday, the senate endorsed the president's request, while the House of Representatives forwarded it to its Committees on Ways, Means and Finance and Judiciary for scrutiny with the mandate to report in the second week in January of 2015.