The House of Representatives has ratified the second additional financing for Liberia's COVID-19 Emergency Preparation and Response Project between the Republic of Liberia and the International Development Association (IDA) with an objective to prepare and respond to the COVID-19 pandemic in Liberia.

The Plenary took the decision followed a report from the Joint Committee on Ways, Means, Finance & Development Planning, and Judiciary respectively, on the Financing Agreement signed on 4 July 2022.

Under the agreement, the IDA agreed to extend to the Republic of Liberia a Grant and a Credit which are deemed as Concessional Financing in the following amounts: 4,600,000.00 million (Grant Special Drawing Rights) and 2,100,000.00 Million (Credit Special Drawing Rights), respectively.

The joint committee informed plenary that the maximum commitment charge rate are half of one percent per annum (Withdrawn Financing Rate) and service charge 3/4% of one percent (Withdrawn Credit balance) with a payment date beginning February 15 and August 15 in each year.

The joint committee said Liberia's preparedness, readiness and response for new cases of COVID-19 is needful especially under a second additional financing project to enable the country's health system react effectively to outbreaks of future pandemics.

The august body added that the ratification of the Financing Agreement dubbed Liberia COVID-19 Emergency Preparedness and Response Project Second Additional Financing in keeping with its objective would strengthen the framework of the Pro-Poor Agenda for Prosperity and Development (PAPD).

Meanwhile, the instrument is expected to be transmitted to the Liberian Senate for concurrence following a motion by Nimba County Representative, Joseph Somwarbi.