The Liberian Senate has constituted an independent Economic Review and Advisory Panel to research Liberia’s economic conditions and make recommendations for that body’s consideration.
Recommendations from the panel, according to Senate Pro-Tempore Armah Jallah, who addressed legislative reporters on Friday, will be used to improve the nation’s economic situation and the harsh economic conditions being experienced by the people.
The panel, which comprises highly acclaimed and professional Liberians, is headed by veteran economist and former Minister of Planning and Finance, Dr. Byron Tarr.
Other members of the panel are University of Liberia Associate Professor of Economics, Edwin K. Tetteh and Francis A. Dennis of the Liberia Chamber of Commerce as well as the Dean of the Louise Arthur Grimes School of Law, Cllr. T. Negbalee Warner.
The formation of the panel, according to Pro-tempore Jallah, is predicated upon recent complaints and strike actions carried out by a group of business people under the banner “Patriotic Entrepreneurs of Liberia (PATEL).
It can be recalled that PATEL recently petitioned the legislature to intervene in complaints of hike in taxes and other incidental fees imposed by the Liberia Revenue Authority on imported goods.
The group, during a three-day strike action which virtually paralyzed normal business activities in the country, also called the legislature’s attention to the continuous hike of foreign exchange rate in the country.
Jallah said the senate is aware that the matter needs to be addressed amicably and professionally to ensure that its resolution positively impacts the economy of the nation.
“The senate notes efforts by the Executive branch of government to respond to these concerns. However, the senate believes there must be multidimensional considerations to limit the impact of the economic crisis,” he said.
Jallah said the senate is of the opinion that tapping into the expertise of these professionals forming part of the panel will enable the body to understand the problems thereby affording it to the opportunity to take reasonable and logical steps to stabilize the nation’s economy.