Welcome to Africanews

Please select your experience

Watch Live

Business

business

Liberia gets $18 million EU grant to support its budget

Liberia gets $18 million EU grant to support its budget

Liberia

The Liberian government has received EUR 16 million (USD 18 million) from the European Union to support the budget of the West African country targeting justice and security sectors.

In a statement released by the EU on Wednesday, the regional body said the grant is the second payment under their EU budget support programme and the disbursement will be done directly into the treasury account of the Liberian government.

The conditions of the disbursement, according to the statement, was agreed on with the government to channel the money into the areas of improved public financial management and some sector specific targets relating to justice and security.

The EU gives this 16 million Euro expecting that the Government will use it to provide Liberians with the vital public services they deserve and it has committed to provide.

“The EU gives this 16 million Euro expecting that the Government will use it to provide Liberians with the vital public services they deserve and it has committed to provide: health, education, justice and security,” the head of the European Union Delegation to Liberia, Ambassador Tiina Intelmann said.

She urged the Liberian government to continue the improvement of public finance management, fight against corruption, security and access to justice.

The first payment of the grant disbursed in July 2015 was EUR 29.2 million (USD 33 million) and together with the second payment, they amount to nearly 10% of the country’s 2015/2016 budget.

Liberia has received a number of grants from the EU and other donor organisations to support its fragile economy due to the Ebola epidemic.

For the 2015/2016 Financial Year, the country approved a budget of $622,743,420 and is expecting a revenue of $555,993,000 which will be a decline of almost 11%.

It attributes the losses in the fall of demand for iron ore and rubber which are their two top exports and also reduced budget support, the government announced.