Officials of the Government of Liberia, representatives of the Export-Import Bank of Korea, and the African Development Bank pose for a group photo following the signing of the Aid Memoire in Monrovia.
The Government of Liberia, in partnership with the Export-Import Bank of Korea and the African Development Bank, on Thursday launched the 2025/26 KSP-AfDB Joint Consulting Project aimed at strengthening domestic resource mobilization through evidence-based policy reforms.
The high-level seminar, held on March 5, 2026, in Monrovia, brought together officials from the Ministry of Finance and Development Planning (MFDP), the Liberia Revenue Authority, development partners, and members of the media.
The initiative, titled "Enhancing Domestic Resource Mobilization in Liberia through Evidence-Based Policy Reforms," seeks to conduct a comprehensive review of Liberia's tax system, particularly within the extractive and mining sectors, and provide tailored policy recommendations to improve tax administration and revenue collection.
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Delivering opening remarks, Yung Jin Kim, Chief Representative of the Accra Representative Office of Korea Eximbank, described the project as a significant step in deepening technical cooperation between Liberia and Korea.
"It is a great honor and privilege to meet you all today," Kim said. "First, I would like to express my sincere gratitude to the Honorable Anthony Myers, Deputy Minister for Fiscal Policy at the Ministry of Finance and Development Planning, as well as distinguished representatives from our partner ministries."
Kim also welcomed AfDB Country Director Rees Mwasambili and thanked the organizing teams for coordinating the event.
"The 2025-26 KSP-AfDB Joint Consulting Project led by Korea Exim Bank and AfDB aims to share Korea's best practices and provide customized policy recommendations to enhance the domestic revenue mobilization capacity of the government of Liberia," he explained.
According to Kim, the project will focus heavily on strengthening tax-based management of Liberia's mining industry and conducting a detailed analysis of the country's tax framework. As part of the Knowledge Sharing Program (KSP), Liberia will benefit from an Invitational Training Program in Korea designed to build technical capacity among Liberian officials.
"This program will offer first-hand exposure to Korea's advanced digital tax administration, including our online tax portal, HomeTax," Kim noted. "We believe this experience will provide invaluable benchmarks for Liberia's own fiscal modernization."
He called for strong collaboration throughout the process. "I kindly ask for your active cooperation and open communication to enhance this project's success from start to finish. Today's seminar is the very first stage for us to share insights and draw well-tailored consulting results."
For his part, Anthony Myers, Deputy Minister for Fiscal Policy at the Ministry of Finance and Development Planning, underscored the importance of grounding reforms in credible data and research.
"The planning for this event goes many months back, from early 2025, when we began to exchange information among the Ministry of Finance, the African Development Bank, and the KSP," Myers said.
He referenced the recent launch of the Liberia Domestic Resource Mobilization Project, describing it as a collaborative effort between the Liberian government and the AfDB to maximize revenue from mining and other strategic natural resource sectors.
"This project is largely centered around maximizing revenue from the mining sector and other natural resource sectors," he said. "It's also about ensuring governance in the sector, closing leakages, and addressing governance challenges that plague the sector. And now we are here today to launch a research and analytical exercise to support that project."
Myers emphasized that while the government routinely issues regulations and proposes legislation, reforms must be backed by solid evidence to ensure impact.
"In order to implement policies or even have the basis for issuing regulations or introducing legislation, you should be sure that those measures will have the needed impacts," he stated. "And in order to be sure that policies and laws and reforms will have an impact, you have to have evidence."
He explained that the research team was carefully selected to include African experts with relevant experience, as well as international specialists familiar with tax reforms across the continent.
"Our team leader from the KSP has prior experience in about 10 other African countries," Myers said. "So he brings his academic background and practical experience in taxation, including research experience in Africa."
The deputy minister stressed that Liberia stands to benefit not only from Korean expertise but also from lessons learned in other African countries.
"Korea, being a member of the OECD, is at the forefront of public financial management reforms," Myers noted. "Most of the practices we are just adopting, Korea has been implementing for 20 to 30 years--some, like VAT, for nearly 50 years. We will benefit from their successes and failures."
He added that Liberia's historical ties with Korea further strengthen the partnership. "Liberia-Korea relations go back decades, both bilaterally and at the level of the United Nations. That historical connection is very significant."
Also speaking at the event, AfDB Country Representative to Liberia, Rees Mwasambili, reaffirmed the Bank's commitment to supporting Liberia's fiscal reforms.
"You cannot fix what you haven't measured," Mwasambili said. "You first need to have a quantum of what the problem is and then design the solution."
While commending Liberia's recent economic performance, he acknowledged persistent fiscal challenges.
"Despite these improvements, the fiscal deficit remains high due to a low tax base, with public revenues being volatile and inconsistent," he said. "Liberia remains among the countries with low tax collection in the region."
Mwasambili stressed that improved domestic resource mobilization, supported by sound tax policy and administrative reforms, is critical to long-term growth and poverty reduction.
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"Forty percent of tax potential in developing countries remains untapped, preventing financial self-sufficiency and increasing donor dependence," he said. "Evidence-based policymaking will enable the government to mobilize revenue in a way that supports long-term development and inclusive economic growth."
He revealed that in December 2024, the AfDB approved concessional lending of US$18.3 million to Liberia under the Institutional Support for Enhanced Domestic Revenue Mobilization and Reform Implementation project. The initiative aims to strengthen revenue generation, improve public financial management systems, and promote transparency and accountability, particularly in the extractive sector.
"At the moment, the bank has an active portfolio in Liberia of close to US$400 million," Mwasambili disclosed, noting that the majority of funding supports infrastructure, energy, agriculture, and governance reforms.
He concluded by affirming the Bank's strong support for Liberia's tax reform agenda. "Ultimately, evidence-based tax reform will be fair. When policies are fair and grounded in evidence, compliance improves."
The seminar concluded with the signing of an Aid Memoire by the three institutions, formalizing their collaboration under the 2025/26 KSP-AfDB Joint Consulting Project.
The partnership marks a renewed push by the Liberian government to broaden its revenue base, modernize tax administration, and reduce reliance on external financing, as it pursues long-term economic resilience and sustainable development.
