2 April 2014

Liberia: Gov't to Borrow U.S.$10.3 Million

The Government of Liberia is expected to borrow US$10.3 million for the October 2014 mid-term senatorial election.

Senator Alphanso Gaye said borrowing such amount to hold the special election is the best alternative.

Presenting a draft bill which will authorize the Ministry of Finance to proceed with arrangements for the loan, the legislative joint committee on Ways, Means, and Finance & Budget represented by Senator Gaye informed plenary that legislative action is in conformity with Article 34 B,& D of the Liberian constitution.

Article 34 (B) states "the legislature shall have the power to provide for the security of the Republic, while (D) says that the legislature shall have the power to levy taxes, duties, imposts, excise and other revenues, to borrow money, issues currency, mint coins and to make appropriations for the fiscal governance of the republic among others."

Senator Gaye said considering the importance of the special election coupled with budgetary shortfall, it is prudent for the government to borrow money.

He claimed that the 2013/2014 fiscal budget didn't provide proper funding for the forthcoming election.

Also speaking, Senate Pro-tempore Gbehzongar M. Findley pleaded with his colleagues that the act seeking the loan for the special election should form part of an amendment to the draft 2014/2015 fiscal national budget.

Plenary accepted Senator Findley's plea and requested its secretariat to communicate with the Ministry of Finance to begin the process of securing loan for the October polls.

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