Cabinet Assesses Current Economic Outlook; Mandates Appropriate Austerity Measures.

Wednesday, 2nd November 2016
President Sirleaf Chairs Regular Cabinet Meeting.
President Sirleaf Chairs Regular Cabinet Meeting.
Photo Credit: Executive Mansion

Monrovia, Liberia: Cabinet has carefully assessed and analyzed the country's current economic outlook while mandating austerity measures that seek to address emerging economic challenges.
According to an Executive Mansion release, Finance and Development Planning Minister, Boima Kamara provided Cabinet a holistic reflection of Liberia’s existing economic outlook based on the hindsight of the Economic Management Team, obtaining challenges and advance realistic recommendations aimed at economic diversification for value addition.
Cabinet also received substantive overview specific to revenue intake, how likely projections particularly in the agriculture and manufacturing sectors, once explored could lead to improved prospects for the national envelope. Cabinet further assessed the expenditure component with respect to prudent austerity actions that will ensure macroeconomic stability in the short, medium and long-term.
The Cabinet mandated concerted legislative engagement with a view to amending the country’s existing Revenue Code in order to creatively attract additional sources of revenue in the telecommunication sector as well as from alcohol and tobacco in furtherance of the national development agenda. 
Cabinet further mandated its Secretariat that in pursuit of the tactful tracking of all previous policies decisions geared toward stimulating economic and actionable outcomes in the process so as to use same as a basis for future considerations.
Meanwhile, Cabinet received obtaining updates from the Agric-processing and Manufacturing Task Force on the status on key economic diversification and value addition stimulus targets intended to promote increased private-partnership participation.