The Economy

For Defrauding Gov’t of Taxes LRA Shuts Down Foreign Businesses

The Liberia Revenue Authority (LRA) last Saturday shut down several foreign businesses for failing to live up to their tax obligation and depriving the government of tax revenues.

The LRA, which is responsible to collect government’s revenues, obtained a writ of search and seizure warrant through the Ministry of Justice from the Monrovia Magisterial Court at the Temple of Justice.

The LRA Legal Counsel, Atty. Max T. Duncan, along with a few LRA staff and backed by court officers, were seen enforcing the court order on Broad and Randall Streets.

Amin Modad (left) of Bella Casa and Fomba Trawally (right) of National Toiletries

Small Businesses Seek ‘Sustenance’ Grants

In the wake of the devastating impacts of the Ebola virus epidemic on the domestic private sector in Liberia, an array of entrepreneurs have appealed to the government and international partners to assist with ‘sustenance grants’ to carry them through the current economic crisis. The entrepreneurs, who manage hotels, manufacturing and service institutions, amongst others, told our business desk in separate interviews that the sustenance grants will help businesses recover from the shocks of the Ebola crisis.

Finance Minister Amara Konneh

Is GOL’s Economic Plan Feasible?

President Ellen Johnson Sirleaf signed the fiscal budget into law last week vetoing a US$25 million budget line item included in the approved budget by members of the legislature during the budget hearing. According to some of the legislators, the US$25 million is realizable for the fact that the government is expected to sign and receive a lump sum US$120 million signature fees from the sales of the remaining oil blocks LB-6, LB-7, LB-16 and LB-17 during the course of next year.

Minister Konneh displaying the new Economic Stabilization and Recovery Plan

GOL Aims at New Economic Plan

The Government of Liberia (GOL) has announced plans to launch a new economic roadmap for the coming year. The Economic Stabilization and Recovery Plan (ESRP) is expected to go live in January, 2015 and is projected to cost the government roughly US$174 million with key sectors of the economy including heath, education, agriculture, information communications technology and road infrastructure, targeted for public investment.

The signing ceremony took place at the Ministry of Finance

Liberia, World Bank Sign US$30M Financing Deal

The World Bank Group and the Liberian Government have penned two financing agreements extending US$30 million to the Government of Liberia to help with the country’s recovery program through the budget, amidst the Ebola outbreak.

The money will also help support Liberia’s medium-term strategy to strengthen its transparency and accountability mechanisms, expand the economy, increase access to quality education and improve health services that are critical to fighting the current Ebola epidemic.


Liberian Observer

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