MONROVIA – In line with the ongoing commitment to transparency and robust coordination between the Executive and the Legislature, President Joseph N. Boakai, Sr. has submitted a major financing agreement to the House of Representatives. The agreement, brokered by the Government of Liberia and the International Development Association (IDA), details a US$55.8 million funding package to advance key development and economic stabilization goals.
The Liberian President introduced the instrument through an official communication addressed to Speaker Richard Nagbe Koon. Read aloud during the regular sitting of the House on Tuesday, July 7, 2026, the President’s letter strongly urged lawmakers to ratify the agreement. He emphasized that the funds are specifically designed to strengthen fiscal resilience, foster private sector development, build social, disaster, and climate resilience, and maintain a sound macroeconomic policy framework across the country. According to President Boakai, the financing instrument provides much-needed financial backing for critical national areas that his administration is already making significant strides to address.
Under the terms of the project, the IDA has agreed to extend the US$55.8 million sum to Liberia under highly favorable terms categorized as Concessional Financing. The President clarified that the package is broken down into two distinct credit facilities. The first component, designated as Credit A, provides US$40 million funded directly from the Association’s Performance-Based Allocation to Liberia. The second component, Credit B, provides the remaining US$15.8 million under a short-term maturity structure.
Regarding the financial management of the package, the Liberian leader noted that the maximum commitment charge rate for both Credit A and Credit B stands at one-half of one percent per annum, assessed on the unwithdrawn financing balance. He further informed the body that the scheduled payment dates are set for May 1 and November 1 of each year, reiterating his appeal for the House’s swift approval and support to fortify the nation’s fiscal health.
Following the formal reading of the communication, the Plenary of the House of Representatives took immediate legislative action. The body voted to forward the financing instrument to the joint Committees on Ways, Means, and Finance, and the Judiciary. The committees have been mandated to conduct a thorough review and report their findings back to the Plenary before July 17.
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