The House of Representatives has approved the second additional financing for Liberia’s COVID-19 Emergency Preparation and Response Project between the Republic of Liberia and the International Development Association (IDA) with the objective of preparing and responding to the COVID-19 pandemic in Liberia.
This was disclosed after the Plenary took the decision following a report from the Joint Committee on Ways, Means, Finance & Development Planning, and Judiciary respectively, on the Financing Agreement signed on 4 July 2022.
Under the agreement, the IDA agreed to extend to the Republic of Liberia a Grant and a Credit deemed as Concessional Financing in the following amounts: 4,600,000.00 million (Grant Special Drawing Rights) and 2,100,000.00 million (Credit Special Drawing Rights), respectively.
The joint committee informed the plenary that the maximum commitment charge rate is half of one per cent per annum (Withdrawn Financing Rate) and a service charge of 3/4% of one per cent (Withdrawn Credit balance) with a payment date beginning February 15 and August 15 in each year.
The joint committee said Liberia’s preparedness, readiness, and response to new cases of COVID-19 is needful, especially under a second additional financing project to enable the country’s health system to react effectively to outbreaks of future pandemics.
The august body added that the ratification of the Financing Agreement dubbed Liberia COVID-19 Emergency Preparedness and Response Project Second Additional Financing in keeping with its objective would strengthen the framework of the Pro-Poor Agenda for Prosperity and Development (PAPD).
Meanwhile, the instrument is expected to be transmitted to the Liberian Senate for concurrence following a motion by Nimba County Representative, Joseph Somwarbi.