Ngafuan Addresses Concerns Over Domestic Debt, GoL Credibility

The Minister of Finance and Development Planning, Augustine K. Ngafuan, has underscored the importance of effective debt management to drive economic growth in the country.

In an interview with state radio on Thursday, October 17, 2024, Minister Ngafuan explained that while debt can be a useful tool for financing investments that lead to economic expansion, it becomes problematic if not handled prudently.

Addressing the issue of domestic debt, Ngafuan noted that the government’s credibility has been undermined due to delays in payments to vendors and suppliers. This, he said, has negatively impacted the business community, with banks now being reluctant to lend to the government.

In response to growing concerns about the economy and livelihood issues, the Minister stressed the need for practical solutions.

“The Minister of Finance is just one player in the equation,” he stated, noting, “We have the cabinet, legislators, and the judiciary – all key players. As I play my part, we will need others to do the same so that our collective efforts lead to positive results.”

Ngafuan also admitted that the national budget has not grown at a pace sufficient to meet the increasing needs of the population.

He emphasized the urgent need to restore the government’s credibility, saying, “These challenges won’t disappear overnight, but we must address them within the constraints we face.”

The finance minister assured the public that efforts are underway to resolve these issues and improve Liberia’s financial stability.

Source: LINA