{"id":67283,"date":"2024-11-08T18:50:00","date_gmt":"2024-11-08T18:50:00","guid":{"rendered":"https:\/\/www.africa-press.net\/liberia\/all-news\/domestic-resource-mobilization-key-to-growth"},"modified":"2024-11-08T18:50:00","modified_gmt":"2024-11-08T18:50:00","slug":"domestic-resource-mobilization-key-to-growth","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/liberia\/all-news\/domestic-resource-mobilization-key-to-growth","title":{"rendered":"\u201cDomestic Resource Mobilization Key to Growth\u201d"},"content":{"rendered":"

Africa-Press – Liberia. <\/strong><\/span> <\/b><\/p>\n

Finance and Development Planning Minister, Augustine K. Ngafuan, has emphasized that increasing domestic resource mobilization is essential for the country\u2019s growth and development across all sectors. Minister Ngafuan made the remarks during a meeting with a Chinese delegation at the Ministry of Finance and Development Planning on Monday, November 4, 2024.<\/p>\n

According to Ngafuan, enhancing domestic resource mobilization will help strengthen governance, fiscal systems, and capital market institutions, reducing the nation’s dependency on foreign aid. He added that it would ensure more reliable fiscal revenues, thus reinforcing the social contract between the government and the citizens.<\/p>\n

\u201cThe leadership of President Boakai is committed to increasing domestic resources across all sectors, aligning them with the National Development Agenda for inclusive growth and development,\u201d Ngafuan stated.<\/p>\n

He emphasized that mobilizing local resources is critical not only for enhancing the country\u2019s economic stability but also for enabling citizens to have greater oversight over the use of public funds.<\/p>\n

\u201cThis will empower citizens to monitor and supervise budgetary revenues and ensure that they are used for the benefit of the people,\u201d Ngafuan explained.<\/p>\n

In his remarks, Minister Ngafuan also expressed his gratitude to the Chinese government for their ongoing support to Liberia’s health and education sectors.<\/p>\n

\u201cYour support over the years has been a source of hope for Liberians across the health and education sectors,\u201d he acknowledged, commending China for its continued assistance.<\/p>\n

However, Ngafuan also pointed out two major constraints hindering Liberia\u2019s growth\u2014energy and road infrastructure. He noted that these are the critical areas the government is currently addressing with the help of its development partners.<\/p>\n

\u201cEnergy and roads are the two huge binding constraints that need a robust solution for our country,\u201d Ngafuan said, underscoring the importance of addressing these issues for sustainable development.<\/p>\n

The Liberian government is working towards qualifying for Compact Two, a partnership that would provide further support to key infrastructure projects. According to Ngafuan, the country has already met 14 out of 20 criteria required to qualify for the program.<\/p>\n

\u201cOur job is to continue showing progress to our people because they deserve better lives, and we are making significant strides toward that,\u201d he added.<\/p>\n

Ngafuan further outlined that one of the major projects underway is the construction of a hydro-energy facility on the St. Paul River, estimated to cost around US$800 million. This project is part of the government\u2019s effort to increase power generation capacity, with solar power also being explored as an alternative source.<\/p>\n

\u201cWe are going to make reforms to the electricity sector across the country and strengthen accountable institutions like the General Auditing Commission, which has been rolling out many audit processes,\u201d Ngafuan stated.<\/p>\n

The Chinese delegation, which praised Ngafuan’s leadership, expressed their commitment to supporting Liberia\u2019s development efforts. Ambassador YIN Chengwu, Ambassador of the People’s Republic of China, reiterated China\u2019s strong partnership with Liberia and affirmed their continued support for the country\u2019s national development.<\/p>\n

\u201cWe are willing to support any of your national development and infrastructure projects across Liberia,\u201d Ambassador YIN said, highlighting China\u2019s willingness to assist in various sectors of Liberia\u2019s growth.<\/p>\n

Ambassador YIN also took the opportunity to reflect on the strong bilateral ties between Liberia and China. He noted the two countries\u2019 shared experiences in combating Ebola and COVID-19 and their fruitful cooperation in various areas of national development.<\/p>\n

\u201cLiberia and China enjoy a long-standing, friendly relationship. In recent years, the Chinese and Liberian people have stood together in the joint fight against Ebola and COVID-19 and have engaged in sincere cooperation in the cause of national development,\u201d he stated.<\/p>\n

Since the resumption of bilateral relations in 2003, China has played an increasingly important role in Liberia’s reconstruction and peace-building efforts. In 2012, China granted Liberia a duty-free trade agreement on 95% of its exports to China, further strengthening the economic ties between the two nations.<\/p>\n

The continued cooperation between Liberia and China is seen as a critical aspect of the country\u2019s development, as both nations work together to address the pressing challenges of infrastructure, energy, and governance. Minister Ngafuan\u2019s statements highlight the government\u2019s focus on strengthening domestic resource mobilization, while also reaffirming the importance of international partnerships in securing Liberia\u2019s long-term growth and development.<\/p>\n

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

Africa-Press – Liberia. Finance and Development Planning Minister, Augustine K. Ngafuan, has emphasized that increasing domestic resource mobilization is essential for the country\u2019s growth and development across all sectors. Minister Ngafuan made the remarks during a meeting with a Chinese delegation at the Ministry of Finance and Development Planning on Monday, November 4, 2024. According […]<\/p>\n","protected":false},"author":84,"featured_media":67282,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[233,237,234],"class_list":["post-67283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-liberia","tag-liberia"],"yoast_head":"\n\u201cDomestic Resource Mobilization Key to Growth\u201d - Liberia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/liberia\/all-news\/domestic-resource-mobilization-key-to-growth\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u201cDomestic Resource Mobilization Key to Growth\u201d\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Liberia. Finance and Development Planning Minister, Augustine K. Ngafuan, has emphasized that increasing domestic resource mobilization is essential for the country\u2019s growth and development across all sectors. Minister Ngafuan made the remarks during a meeting with a Chinese delegation at the Ministry of Finance and Development Planning on Monday, November 4, 2024. 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