Speaker Chambers, IMF Rep. deliberate On Liberia’s Economy

Eva Jenkner is the new IMF Country Director to Liberia. On Friday, March 10, 2023, she paid a courtesy visit to Speaker, Dr. Bhofal Chambers at his Capitol Building Office in Monrovia. The two officials discussed pertinence economic issues ranging from the challenges and prospects of the Liberian economy from the perspective of the IMF and that of the Honorable Speaker. 
 
Madam Jenkner, a German national, told Speaker Chambers that she sees some prospects for the Liberian economy and says the International Monetary Fund is committed to working with the Liberian Government's monetary and fiscal technicians about the country’s vast economic potential, emphasizing the intentions of the Fund to work with GoL to accelerate Liberia's commitment to the Medium Term Expenditure Framework policy and the expansion of government tax regime.  

 The Medium Term Expenditure Framework (MTEF) provides the Government with a tool to manage the tension between competing policy priorities and budget realities. This helps to reprioritize expenditure and make informed policy choices that are affordable in the medium term, but spending alone cannot deliver services.  
 
During the meeting, the IMF official says her visit to Capitol Building also coincides with the Fund engagements with the Legislature through its bi-cameral department for fiscal and budgetary activities referred to as the Legislative Budget Office (LBO) where the IMF sponsored a week-long training, which ends this Friday. 
 
The Speaker of the House of Representatives, Dr. Bhofal Chambers, during the meeting told the IMF officials that he looks forward to seeing the Fund work with the Liberian government's economic technicians for a more efficacious revenue architecture that will yield strong economic dividends. 
 
Dr. Chambers further mentioned that it is his wish for the IMF to expand Liberia’s rights to borrow as it is done to other countries.

The Speaker says like the case of many countries around the world the IMF works with them and borrows billions that they used to solve some of their respective infrastructure challenges. The Speaker says he believes that Liberia should be treated the same. 
 
Amplifying on the issue of value addition, Dr. Chambers solicited the indulgence of the IMF to expand its workings with other sectors of the Liberian economy and draw up internationally acceptable mechanisms that enhance Liberia’s desire to turn its raw materials to some level process product and will bring about value addition. 
 
Speaker Chambers then expressed his profound gratitude to the IMF for its engagement with Liberia since 1962. He praised the IMF Offices in Liberia for the opportunity provided to staffers at the Capitol Building mostly the Legislative Budget Office for the training. 
 
He called on the LBO technicians headed by Mr. Moses T. Cooper to use the knowledge acquired to boost their capacities and as they endure to work with the respective plenaries of the Liberian Legislature for more of a better budgeting trajectory and its executions.