{"id":39245,"date":"2023-06-29T13:36:04","date_gmt":"2023-06-29T13:36:04","guid":{"rendered":"https:\/\/www.africa-press.net\/liberia\/all-news\/rep-clarence-massaquoi-takes-issue-with-the-ratification-of-resilient-recovery-us65m-stand-alone-financing-agreement"},"modified":"2023-06-29T13:43:49","modified_gmt":"2023-06-29T13:43:49","slug":"rep-clarence-massaquoi-takes-issue-with-the-ratification-of-resilient-recovery-us65m-stand-alone-financing-agreement","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/liberia\/all-news\/rep-clarence-massaquoi-takes-issue-with-the-ratification-of-resilient-recovery-us65m-stand-alone-financing-agreement","title":{"rendered":"Rep. Clarence Massaquoi Takes Issue with the Ratification of Resilient Recovery US$65m Stand-Alone Financing Agreement"},"content":{"rendered":"

Dennise Nimpson<\/b><\/p>\n

Africa-Press – Liberia. <\/strong><\/span>Lofa County District #3 Representative, Clarence Massaquoi, has expressed concerns over the recent passage of a new financing agreement worth over sixty million United States dollars, just months before the upcoming election. Massaquoi argues that this decision is counterproductive for the country.<\/p>\n

On June 19, 2023, the Government and the International Development Association signed an agreement, extending credit of US$65,000,000.00 to Liberia in two installments. The repayment schedule includes January 15 and July 15, starting from July 15, 2029, until July 15, 2034, with an interest rate of 8.33334%. A final repayment is due on January 15, 2035, with an interest rate of 8.33326%.<\/p>\n

Representative Massaquoi has raised questions about the timing and procedural aspects of the loan\u2019s passage, stating that it did not adhere to the standing order. He argues that the approval violates the established rules of the House, which require a bill or law to be read three or four times before passage.<\/p>\n

\u201cIt is unprecedented for an agreement to be passed using the wrong procedure,\u201d Massaquoi emphasized. \u201cThis loan was submitted to the House and passed on the same day without proper readings, second reading, or referral to the committee room.\u201d<\/p>\n

<\/a>The lawmaker from Lofa County further alleges that the loan was not thoroughly vetted, as required by law, due to the absence of a majority of lawmakers during the ratification process. Massaquoi contends that the rushed passage of the loan, with limited attendance in the session, raises suspicions about the government\u2019s motives.<\/p>\n

\u201cA government that genuinely cares for its people would not burden the future generation with over sixty million United States Dollars in debt, especially considering the current situation,\u201d he noted. Massaquoi expressed concerns about the state of the economy and questioned the government\u2019s decision to accumulate more debt for the next six years, particularly in light of the limited time remaining before the current administration\u2019s term ends.<\/p>\n

During a press conference held in Monrovia on Wednesday, Representative Massaquoi asserted that his statement reflects the views of all opposition lawmakers who share apprehensions about the government\u2019s hasty approval of the loan, particularly with a private company.<\/p>\n

For More News And Analysis About Liberia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Dennise Nimpson Africa-Press – Liberia. Lofa County District #3 Representative, Clarence Massaquoi, has expressed concerns over the recent passage of a new financing agreement worth over sixty million United States dollars, just months before the upcoming election. Massaquoi argues that this decision is counterproductive for the country. On June 19, 2023, the Government and the […]<\/p>\n","protected":false},"author":84,"featured_media":39244,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,237,234],"class_list":["post-39245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-liberia","tag-liberia"],"yoast_head":"\nRep. 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