By Ethel A Tweh
The Liberian Senate has ratified the proposed amendment of the Liberia Maritime Authority (LiMA). According to LiMA Commissioner Len Eugene Nagbe, the ratification will facilitate the return of Liberia to the Council of the International Maritime Organization.
The Senate’s ratification was done following a report made to the plenary from the committee on Maritime, chaired by Grand Bassa Senator Jonathan L. Kaipay.
In his report, Senator Kaipay said the ratification seeks to increase the share of revenue of the Liberia Maritime Authority from 25 percent to 30 percent, as the committee recommends that the amendment be ratified by the body.
The Committee’s report added that the amendment will provide structural adjustment in program operations to allow for an increase in net revenue transmitted annually to the consolidated fund account of the government of Liberia.
The Committee indicated that the Liberian Registry has contributed immensely to the economy as a source of employment and has served as a significant factor to the national budget.
The ratification was the first amendment to the Extended and Restated Agency Agreement between the Republic of Liberia and the International Ship and Corporate Registry.
Meanwhile, President George Manneh Weah on October 28, requested the Liberian Senate to consider ratifying the first amendment to the extended and restated agency agreement between the Republic of Liberia and the Liberia International Ship and Corporate Registry.
In this light, the Senate Committee on Maritime conducted a public hearing recently and the Maritime boss Eugene Nagbe presented the case of his institution.
He informed the Senate Committee that Liberia has the second-highest registry in the world, but it’s regrettable that the country is currently not on the International Maritime Council.
He added that in 2019, Liberia lost her chances on the Council, but assured the Committee that if the proposed amendment is ratified, the Maritime Authority will ensure that the country regains its status on the Council.
He added that presently, Liberia is receiving 25 percent fees from the shipping industry.
In the proposed amendment, he revealed that the Liberia Maritime Authority has negotiated 30%, from its partner, which he said will create opportunities for more Liberians to be represented on ships that are flying the Liberian flag.
By Ethel A Tweh