IPNews-Monrovia-2-19: A member of the ECOWAS Parliament Representative Edwin Melvin Snowe has disclosed that in a bid to further develop Liberia, ECOWAS Bank for Development has presented a 100 million United States Dollars Loan to Liberia for the construction of the South Eastern Corridors road project.

The loan agreement, according to Rep. Snowe, was reached after lengthy discussion between President George Weah and members of the ECOWAS parliament on Tuesday, August 27, 2019.

He disclosed that the loan will be paid by the Liberian Government over a long period of time on a 2% interest rate.

Rep. Snowe commended ECOWAS for always supporting meaningful ventures of Liberia.

The Bomi County lawmaker said members of the national legislature will review the agreement for onward ratification to ensure the commencement of the strategic project in the South East.

Obervers view the coming of the ECOWAS loan, as a significant milestone in the advancement of the government recovery plan which it has struggled with.

Currently residents in the South Eastern region of Liberia are finding it difficult to move from one end to the other due to the old age bad roads network, but with this agreement, and upon the full completion of the project, the story of deplorable roads in the South East and other parts of Liberia might just change, if due care and priorities are put in place.

In another development, for the first time in Liberia, members of the Economic Community of West African States Parliament will host its Parliamentary session and seminar in Liberia.

The activities which are part of further strengthening of regional integration will begin from September 8-22, 2019.

Speaking to reporters ahead of the session, Rep. Snowe said he is excited for such key activities to be hosted in Liberia.

He told reporters that a delegation of over 175 members will be in Liberia to participate in series of activities under the canopy of ECOWAS Parliament.

The Bomi County lawmaker who praised the Government of Liberia for support to the planning process noted that preparations leading to the hosting of the activities are well on course.

He commended the General Services Agency through its Director General Mary Broh and her team for putting in place all needed materials and other logistics to get the venue set for the programs.

The ceremonies, first of its kind in Liberia, will be graced by members of parliament from the region and will be held at the newly constructed Ministerial Complex in Congo Town, Mr. Snowe added.

He called on members of the Civil Society Organizations including the media and key other sectors of Liberia to form a part of the program.

According to him, Vice President Jewel Howard Taylor will officially open the seminar on September 12, 2019, while President George Weah, as former member of the ECOWAS parliament will officially open the session on September 16, 2019.

He said key and usual deliberations at the level of the ECOWAS parliament and the region will be high on the agenda for discussion, including regional trade and commerce, Agriculture, regional security and many others.

Other issues of the seminar, the ECOWAS Parliament member said Animal Transportation in the region as well as presentation from a Liberian representative from the Agriculture Ministry will be highlighted among many others.

As part of its mission to Liberia, he said the delegation will also visit the Central Bank of Liberia to do integrity check amidst plans and effort for a single currency transaction in the region which is said to be an ongoing discussion.

Moreover, he indicated that delegation will also pay a visit to the National Social Security and Welfare Corporation of Liberia offices and will as well have a friendly match encounter with the Liberian Legislature as part of a social interaction.

Meanwhile, the Government of Liberia and the World Bank Group on Wednesday, August 28, signed a grant financing agreement of US$19 million to invest in the Public Financial Management Reforms for Institutional Strengthening (PFMRIS) program.

The Ministry of Finance and Development Planning (MFDP) signed on behalf of the government, while the World Bank was represented by its Country Director Pierre Laporte

Finance Minister Samuel Tweah said the PFMRIS project is intended to improve the domestic revenue mobilization systems and strengthen financial control and accountability in public finance.

Tweah disclosed that the two effective conditions set forth for the implementation of the financing agreement has been fulfilled, adding that the MFDP has set up a Project Management Unit (PMU) and has also done the preparation and adoption of the Project Implementation Manual.

He noted that the PMU predominantly comprises civil servants and is headed by a project manager.

According to Tweah, the project implementation manual has been developed and approved by the World Bank Project Task Team.

He indicated that the implementation of the Budget Planning and Preparation Module has commenced, stressing that the National Information and Communication Technology (NICT) policy has been developed awaiting the cabinet’s approval.

“The development of the IFMIS Roll-out strategy is ongoing, while the recruitment of the Independent Verification Agent for the Disbursement Linked Indicators under category four has started,” the MFDP boss said.

Meanwhile, the World Bank Country Director, Pierre Laporte, asserted that an effective and efficient Public Financial Management system in the public service embraces fiscal responsibility, strategic resource allocation, service delivery, and eradicates or minimizes corruption.

The official assured the public that the World Bank will ensure the implementation of the project, adding: “With the official signing of the legal agreement between the government of Liberia and the World Bank, we have officially agreed as the World Bank to support the implementation and success if this project.”

“For this project, the expected outcome will lead to strengthened domestic revenue mobilization systems through improved online on-time filling for large and medium taxpayers,” he noted.

Laporte cautioned the citizenry that the expected outcomes cannot be achieved without introducing and adhering to good international standards and practices, adding that the project will start by facilitating the conduction of a Public Expenditure and Financial Assessment (PEFA).

“The results of the PEFA will be used for assessing and reporting on the strengths and weakness of public financial management in Liberia. The use of public resources requires a high degree of transparency and accountability.

“Therefore, there is a greater demand for protecting the public purse by ensuring that the public resources are used for the intended purposes to ensure value for money,” the World Bank official emphasized.

He underscored the importance of the collaboration of other developmental partners in the public financial management sector and called on the European Union and the Swedish Government to support the process.

He extolled other development partners for their commitment and support toward the project.