President Sirleaf has requested the Plenary of House of Representatives to ratify a loan agreement signed between the Government of Liberia and the Saudi Fund for Development. The agreement is in the tone of Twenty Million United States Dollar (US$20,000,000.00).
She made the request in an official communication to the House’s Plenary on Tuesday, read before that body during its regular session at the Capitol.
The President’s communication indicated that the purpose of the loan was for the co-financing of the rehabilitation of the Robert International Airport, including its runway.
“The interest rate is one percent per annum on the principal amount of the loan withdrawn, and outstanding from time to. Interest and other eventual changes shall be payable semi-annually on April 15 and October 15 in each year,” the president noted, adding that the term of the loan is thirty years, including a ten-year grace period. She also noted that repayment of the principal amount of the loan shall be made in accordance with the amortization schedule set forth in schedule Number three of the loan agreement.
“In view of the important purpose of this financing arrangement and the need to rehabilitee the Robert International Airport Runway, I ask your ratification of this instrument,” the president pleaded with the lawmakers.
She Also submitted for enactment into law a bill titled “An Act to Repeal chapter 57, title 12 of the Executive law of the Liberian code of law revised 1973 and to establish in its stead a new chapter 57, title 12 to be known as the Liberia Agriculture Commodity Regulatory Authority.”
According to the president the bill put into place legal mechanisms for the establishment of a viable semi-autonomous agency, known as the Liberia Agriculture Commodity Regulatory Authority or LACRA which replaces the Liberian Produce Marketing Corporation or LPMC an ongoing entity which is funded through the budgeting process.
“Mr. Speaker, when this instrument is passed into law, it will allow for economic growth and increase production, processing and marketing of high quality commodities from Liberia, particularly, cocoa, coffee, oil palm and other agriculture produce on the local and international markets. It should also help eliminate the exportation of substandard commodities from Liberia in international trade,” the president communication further indicated.
However, the two communications were sent into committee rooms to report to the house plenary within two weeks.
By Ben P. Wesee – George Barpeen