LIBERIA: Senator Lawrence Foresees Economic Setbacks For Liberia

{LINA} – Grand Bassa County Senator Nyonblee Lawrence has observed that Liberia may experience “serious economic setbacks” as a result of the closure and downsizing of operations by some concessions in the country.

She also named difficulties and delay in the disbursement of budgetary allotments to ministries and agencies as well as the delay in releasing the social and county development funds as other factors that could occasion an economic setback.

The Grand Bassa lawmaker’s statement was contained in a letter addressed to Senate President Pro-Tempore Armah Jallah read Thursday during the Second Day Sitting of the 5th Session of the 53rd Legislature.

In the letter, Senator Lawrence also observed that increase in the foreign exchange rate of the United States dollar against the Liberian dollar on the Liberian market

could serve as another factor that could plunge the nation into economic crisis.

She noted that as a result of these factors, an imminent deficit in the National Budget could also befall the country, adding, “The lives of many Liberians and the operation of many businesses as well as the development agenda of the country could be affected.”

She then urged members of the Senate to schedule a special hearing with the Ministry of Finance and Development Planning, National Investment Commission and the Liberia Revenue Authority to do an assessment of the nation’s economy.

The special hearing session which, according to her, will include a report from the Finance Ministry on the entire 2015-16 National Budget as well as the status of concessions, among others, will enable the Senate to identify the nation’s economic challenges.

Members of the Senate are expected to come up with a specific date on which they will debate issues raised in the letter written by their colleague.

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