Finance Minister Boima S. Kamara has provided a candid assessment of Liberia’s economic landscape, emphasizing the urgent need for strengthened partnerships including international collaboration to address the challenges ahead.
Mr. Kamara commenting on the current economic challenges, gave a picture of the complex fiscal hurdles the nation’s faces under the ARREST Agenda of President Joseph Nyumah Boakai.
The finance minister spoke on Thursday, February 22, 2024, when the UN Resident Coordinator paid a courtesy visit at the Ministry of Finance and Development Planning.
With post-pandemic recovery slow to take hold, combined with global economic uncertainties, Liberia’s challenges are complex, including inflationary pressures and a need for increased foreign investment.
“While we acknowledge the strides made in peace and democratic governance, it’s imperative to recognize that our economy is at a critical juncture,” Minister Kamara stated.
Minister Kamara used the visit to underline the importance of enhanced cooperation with the United Nations and its agencies, explaining that such support is paramount for Liberia to achieve its economic and development goals.
He explained “As we strive to strengthen the current challenges faced, we need a stronger partnership across all sectors of the United Nations in order to rebrand and drive a moving and vibrant economy.”
The UN Resident Coordinator offered a responsive ear to the challenges laid out by Minister Kamara, reaffirming the United Nations’ commitment to assisting Liberia.
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“The UN stands ready to work closely with the government of Liberia to support its efforts in economic recovery, sustainable development, Resident Coordinator Ms. Christine N. Umutoni said.
Ms. Umutoni assured Minister Kamara of the collective UN’s continued commitment, partnership, and support to the Government of Liberia to build back better, transforming lives of Liberians.
The UN Resident Coordinator expressed the need for coordination at both Government, UN, Development Partner leadership and technical levels through “agreed upon” coordination mechanisms including the Joint Steering Committee, Sectoral coordination for positive results.
She acknowledged the government of Liberia request for support in implementing the 100-Days Deliverables and developing the 1 year and national development plan (including the sub-national plan) within six months.
Moreover, Ms. Umutoni revealed that the UN office is aware of the government of Liberia’s engagement with ECA and the UN Regional Support teams, adding that the ECA and the UN Regional Support teams stand ready to provide a multidisciplinary team, complemented by in-country UN technical expertise to support the processes, but such support will be based on the Liberian government request for support.
