- At a press briefing, the Deputy Minister for Fiscal Affairs of Liberia, Dr. Atty Samora P.Z. Wolokollie revealed that Liberia’s current debt stood at US$1.47bilion dollars.
- The domestic debts touched US$604.4 million (41 percent) while the external debt stock accounted for US$861.8 million (59 percent) he said.
At a press briefing, the Deputy Minister for Fiscal Affairs of Liberia, Dr. Atty Samora P.Z. Wolokollie revealed that Liberia’s current debt stood at US$1.47bilion dollars. The domestic debts touched US$604.4 million (41 percent) while the external debt stock accounted for US$861.8 million (59 percent) he said.
He also informed that the country achieved a significant milestone in domestic revenue generation. As on June 30, 2021, domestic revenue touched the highest record peaking at $560 Million United States Dollars. This was achieved due to the performance in domestic revenue generation through various tax policies such as Excise Tax Reform, Investment Incentives Reforms, Surcharge Reforms, etc. and tax administration efforts like online tax payment, robust tax enforcement mechanisms, etc. by the Ministry of Finance and Development Planning and the Liberia Revenue Authority.
Deputy Minister Wolokolie said for the fiscal year 2020/2021, ending June 30, 2021, domestic revenue peaked to a record $560 Million United States Dollars – the highest ever recorded!. According to him, that revenue generation was credited to various tax policy (Excise Tax Reform, Investment Incentives Reforms, Surcharge Reforms, etc.) and tax administration efforts (Online tax payment, robust tax enforcement mechanisms, etc.) by the Ministry of Finance and Development Planning and the Liberia Revenue Authority.
The Minister admitted that due to the rising debt levels coupled with falling growth rates have resulted in the country’s classification into the category of moderate rate of debt distress. The classification will hinder its ability to borrow to finance infrastructure projects needed to narrow infrastructure gap and to also fund a meaningful stimulus package for the country. To curb the rising public debt, the government proposes to seek donor grants and low cost financing to support the fight against COVID and to stimulate the economy.
