Published: July 8, 2026
CAPITOL HILL, Monrovia -- President Joseph Nyuma Boakai has asked the House of Representatives to ratify two loan agreements totaling 12.11 million Units of Account (US$16.7 million) from the African Development Fund and the African Development Bank's Transition Support Facility to help finance part of Liberia's 2026 national budget deficit.
In a communication addressed to Speaker Richard Nagbe Koon and read during Tuesday's plenary session, Boakai urged lawmakers to give the agreements timely consideration, describing the financing as critical to the government's fiscal reform agenda and to strengthening governance in the mining sector.
"I am pleased to submit, for your consideration and timely ratification, the following loan agreements," Boakai wrote, referring to financing under the Fiscal Sustainability and Mining Sector Governance Support Programme.
Follow us on WhatsApp | LinkedIn for the latest headlines
The objective of the agreements, according to the President, is "to address the structural constraints Liberia faces by strengthening fiscal sustainability, improving mineral governance, promoting gender inclusion, and enhancing climate resilience for sustainable and inclusive growth."
The package comprises two facilities: an African Development Fund loan of UA 10.18 million and a Transition Support Facility loan of UA 1.93 million, administered by the African Development Bank and the African Development Fund. Together they amount to UA 12.11 million.
Boakai told lawmakers the Fund has agreed to extend the financing to support implementation of the government's 2026 fiscal program.
"The Fund agrees to extend to Liberia a loan not exceeding the equivalent of Twelve Million One Hundred and Ten Thousand Units of Account (UA 12,110,000) to finance part of the 2026 budget deficit," the President stated.
The communication outlines the financial terms, including a 0.75 percent annual commitment charge on any undisbursed balance. The charge begins accruing 120 days after the agreements are signed and is payable twice each year, on May 15 and November 15.
Boakai stressed that legislative approval is required for the government to access the money and continue reforms aimed at improving public financial management and tightening oversight of Liberia's mineral resources.
"Honorable Speaker, I urge the Legislature to ratify these loan agreements which will finance part of our budget deficit," he appealed.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
Following the reading, members voted to forward the agreements to the Joint Committee on Ways, Means and Finance and Judiciary for scrutiny. The committees must review the agreements, examine their legal and financial implications, and report to plenary with recommendations on or before July 17.
