Delays in the Passage of Investment Act Worrisome

Planning & Economics Affairs Minister Amara Konneh has described as worrisome the continue delays in the passage of the 2009 investment act.

Such delays, according to Minister Konneh, may retard efforts by Liberia to reach the HIPC (Heavily Indebted Poor Countries) completion point.

Minister Konneh said the delays also threatens the April deadline when officials of both the World Bank and International Monetary Fund (IMF) will finally be reviewing Liberia’s status, as well as concluding whether or not the country has met the HIPC requirements.

Min. Konneh noted that the current 2009 investment act before the Liberian legislature for possible passage was unacceptable, describing the huge discriminatory measures placed in the bill as economically and internationally wrong.

The investment act calls for 26 businesses to be exclusively for Liberians and not foreign investors. The businesses highlighted in the act include drinking water production, as well as pottery, Cremona among others.

Speaking during a 3rd public hearing exercise on the draft 2009 investment act under the auspices of the joint committees on investment and concessions, ways, means and finance and the Judiciary of both Houses held in the joint chambers last Wednesday, Minister Konneh asserted  that Liberia, as a country, signed a number of business conventions internationally which prevents discrimination among investors in doing business.

He indicated that the labor laws of Liberia also forbid discrimination among workers at various business entities, and keeping the investment act in its present form will surely contradict such laws.  He then urged the lawmakers to speedily pass the investment act to help the country complete the HIPC requirements.

Also speaking during the hearings, Finance Minister Augustine Ngafuan added that the passage of the investment was another requirement set by the World Bank and IMF to reach the benchmark for HIPC completion.

Finance Minister noted that the and IMF will conduct their final review in April of this year, meaning that the Act should be passed before April.

The Chairman of the House’s Committee on Investment and Concessions, Hon. Moses Kollie noted the two years spent by the bill in the House awaiting passage. Since its submission by the executive branch under the sponsorship of the National Investment Commission.

He expressed hope that working closely with other colleagues,  the bill will be passed  as soon as possible to save the country  and its citizens in terms of  improvements in their respective businesses.