Africa-Press – Liberia. The House’s Plenary has mandated its appropriate Committees of three “priority bills,” that need to be ratified before the closure of its special session on December 17.
The bills in question are the revenue sharing law and the investment incentive agreements between the government of Liberia and Jeety Rubber LLC, as well as the Mano Manufacturing Company.
The House then voted unanimously to forward the “revenue sharing law” to the Committee on Ways, Means, Finance and Development Planning, while the Jeety Rubber LLC financing agreement was sent to the Joint Committee on Concession and investment, Judiciary, agriculture and Ways, Means, Finance and Development Planning.
The Committees on Concession and Investment and Judiciary are probing the incentive agreement of the Mano Manufacturing Company. The three (3) bills were submitted by President George Weah and all three got their first reading respectively on December 14. The revenue bill, according to the President, is designed to promote domestic resource mobilization through fiscal decentralization for local empowerment.
“Under the current governance system, revenue collection, budgeting and expenditures are the functions of the central government,” the President wrote. “Our Public Financial Management law prescribes how public financial management activities are to be undertaken, and to implement fiscal decentralization, certain provisions of the PFM Law have to be amended.
“The ‘Revenue Sharing Law’ was jointly reviewed by the Governance Commission, Ministry of Internal Affairs and stakeholders with support of the United Nations Development Program (UNDP) in Liberia,” the Liberia leader said. The President’s communication on the tax waiver or tax holiday of Jeety Rubber LLC said the Investment Incentive Agreement was signed on November 19.
In his Communication, President Weah indicated that under the agreement, the investor shall construct, develop and operate a national rubber processing and production plant for the production of tyres and other natural rubber products, as long and short rubber goods. Additionally, President Weah disclosed that the proposed processing plant will also produce condoms, hand gloves, rain boots, and rubber bands, among others.
Accordingly, he added that the plant, when established, will be expected to process 5,000 tons of rubber per annum. The President added that the establishment of the plant for natural rubber processing and production will be the first major rubber processing plant in Liberia and will be located primarily in electoral District 5, Margibi County.
He added that the investment will have significant benefits to the local economy, including foreign currency and also support local small-holder farmers. When ratified, President Weah said the agreement will last for a period of 15 years.
“Honorable Bhofal, I therefore urge the Liberian Senate to ratify this agreement since it will, among other things, contribute to our economy by adding value and creating jobs,” President Weah concluded.
Meanwhile, in the communication of the tax waiver of the Mano Manufacturing Company, the President said the Agreement has a total investment of US$25 million and will develop and operate an oil palm refinery in Grand Cape Mount County and upgrade a palm mill in Bomi County.
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