Liberia’s Planning and Economic Affairs Minister Amara Conneh says the $67 million deficit in the 2009/2010 national budget and the effects of the global financial crisis is impeding achievements of the Poverty Reduction Strategy (PRS) of ’Lift Liberia’ initiative.
He blamed the revenue shortfall on the failure of big companies like Mittal Steel and Buchanan Renewable to pay their taxes and other obligations to the government due to the global financial meltdown.
Speaking in Monrovia on Wednesday, Mr. Conneh however said that despite the challenges occasioned by the results of the financial meltdown, the government would direct its attention to agriculture as an effective way to lift Liberians from the scourge of poverty.
The PRS, based on four pillars – security, education, food security and economic empowerment, aims to usher in development in the post-war country.
The national budget for the July 2009 to June 2010 fiscal year, is $347 million, but the government’s projection has expressed fear that $67 million of this amount which is expected to come from Mittal Steel, China Union and Buchanan Renewable, may not be forthcoming due to the global financial meltdown.
Source African Press Agency
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