The House of Representatives has instructed its Joint Committee on Ways, Means and Finance and Judiciary to review two loan agreements intended to finance part of Liberia’s 2026 budget deficit.
Plenary took the decision based upon communications submitted by President Joseph Boakai, on Tuesday, July 7, 2026, during its 17th day sitting.
The committees have been mandated to report their findings before the 17th, allowing the plenary to proceed with ratification in a timely manner.
President Boakai said the loan agreements involve the African Development Fund and the African Development Bank, acting jointly with the Fund as administrators of the Transition Support Facility.
He named the initiative the Fiscal Sustainability and Mining Sector Governance Support Programme, describing it as central to Liberia’s economic recovery agenda.
The president said the programme is designed to strengthen fiscal sustainability, improve mineral governance, promote gender inclusion, and enhance climate resilience for the country.
According to the communication, the Fund has agreed to extend a loan not exceeding Twelve Million One Hundred and Ten Thousand Units of Account to Liberia.
The loan is composed of two components, with Ten Million One Hundred and Eighty Thousand Units of Account coming from the African Development Fund.
The remaining One Million Nine Hundred and Thirty Thousand Units of Account will come through the Transition Support Facility Loan Agreement.
President Boakai explained that a Commitment Charge of 0.75 percent per annum will apply to any undisbursed portion of the loan balance.
He said the Commitment Charge will begin accruing 120 days after the signing of the loan agreement, with payments due on May 15 and November 15 annually.
In a related communication, President Boakai also submitted a Financing Agreement between Liberia and the International Development Association for legislative ratification.
The agreement, titled the Liberia Second Resilient and Inclusive Growth Development Policy Financing, was referred to the same committees under an identical decision.
According to the president, the Association has agreed to extend a credit of Fifty-Five Million Eight Hundred Thousand United States Dollars to Liberia.
He said the credit is composed of a Forty Million Dollar allocation under Credit A and a Fifteen Million Eight Hundred Thousand Dollar short-term allocation under Credit B.
President Boakai said the financing will support Liberia’s fiscal resilience, private sector development, and social, disaster, and climate resilience efforts.
He noted that the Maximum Commitment Charge Rate on the unwithdrawn balance stands at one-half of one percent per annum, payable on May 1 and November 1 each year.
President Boakai urged the Legislature to act swiftly in ratifying all the agreements, describing them as vital to financing the nation’s budget deficit and development priorities.
