Monrovia, Liberia- The Liberian Senate on Tuesday, rejected a presentation made by Finance Minister Samuel Tweah on the nation’s state of the economy.
According to reports, many Senators found it hard to understand the graphical presentation made by the Finance Minister, and labeled it complicated.
During his presentation, Liberia’s Finance Minister Samuel Tweah said, the Liberian economy continues to face an economic shock. He said, the economy has removed from a negative growth territory, to earning about 3%, a reversal of a projected 3.7% growth. He said, in 2016, growth of the Liberian economy was at -2%, something he alluded to the drop in prices of commodities such as iron ore and rubber. The Finance Minister also said, loss in foreign exchange has also had major impact on the Liberian economy; owing to the fact of drop in prices of two major export commodities of the country. Minister Tweah also blamed the withdrawal of UNMIL and the global economic meltdown for the harsh Liberian economy.
However, after Minister Tweah’s deliberation, some Senators complained that they did not understand his presentation and needed a clearer picture of what he was saying.
“The status of this economy is serious. We called our experts here; people who are suppose to advise us, then they come and talk to us from the top of their heads. Then they expect a lawyer to understand a financial and economic graph on three pages. How can you expect me to understand the status of the economy on three pages? It is not possible,” a Senator furiously said.
The Senators demanded that the Finance Minister and the Economic Management Team of the government address three issues separately: The Status of the Economy, The L$16 billion saga and US$25 million economy stimulus.
“Mr. Pro-tempt, my suggestion is, we have the documentation, later listen to the briefing, then call for part-2 and be able to dissect it and conclude this issue,” Senator Dallas Gueh of Rivergee County recommended.
At the conclusion of the hearing, Senators instructed Minister Tweah and the government Economic Management Team to reappear before it on Tuesday, November 13, 2018 to explain in detail, the points highlighted above.