The Commissioner General of the Liberia Revenue Authority (LRA), James Dorbor Jallah, along with senior LRA officials, on Wednesday hosted key discussions with a delegation from the European Union (EU) and the newly appointed Resident Representative of the International Monetary Fund (IMF) at the LRA Headquarters in Paynesville.
The talks centered on sustaining the LRA's recent achievements in revenue collection and exploring new strategies to increase domestic revenue, supporting Liberia's economic growth.
Leading the EU delegation, Dr. Anna Brzozowska, Head of Political and Economic Governance Cooperation, announced the EU's allocation of US$56 million in direct budget support to Liberia over the next three years, with an additional US$7 million earmarked for institutional project support. She emphasized the LRA's pivotal role in Liberia's economy and highlighted the meeting's objective of identifying areas where the EU could assist the Authority in enhancing its capacity to further drive revenue growth.
Commissioner General Jallah expressed his gratitude to the EU for its support and pointed to Liberia's significant untapped potential in the real estate sector, which requires strategic investments to unlock. He underscored the importance of establishing a national cadastral system, noting that the LRA has already begun decentralizing its real estate initiatives in Grand Bassa and Margibi Counties, aligned with the implementation of elements from the Local Government Act.
In a subsequent meeting, IMF Resident Representative Joel Chiedu Okwuokei expressed his appreciation for the opportunity to meet with LRA leadership, stating that the LRA is crucial to Liberia's economic outlook. Mr. Okwuokei reaffirmed the IMF's commitment to collaborating with the LRA, noting that its efforts are key to shaping the nation's economic future.
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In response, Commissioner General Jallah provided an optimistic forecast for the LRA, revealing that the Authority is on track to collect at least US$700 million in domestic revenue by the end of 2024. He outlined the LRA's long-term vision of reaching a billion-dollar revenue milestone, emphasizing the institution's focus on its goals amid political distractions and external noise.
Earlier in the day, Liberia's Finance Minister, Augustine Kpehe Ngafuan, held an extensive meeting with the LRA's senior management team to discuss revenue forecasting and the finalization of the 2025 national draft budget. The discussions aimed at aligning revenue projections with national priorities to ensure the timely submission of the budget to the President and the Legislature.
"Our goal is to have the 2025 national budget approved and ready for implementation before the start of the new year," Minister Ngafuan stated.
The LRA's ongoing partnerships with key international stakeholders underscore its commitment to driving Liberia's economic growth through robust revenue collection efforts, positioning the Authority as a critical player in achieving national financial stability.
