Republic of Liberia Economic Update, June 2021 : Finding Fiscal Space
In the years leading to the Coronavirus (COVID-19) outbreak, Liberia’s economic performance was already weak. Since 2014 a series of severe shocks stopped in its track the growth momentum that had been spurred by the Accra Comprehensive Peace Agree...
| Main Author: | |
|---|---|
| Format: | Report |
| Language: | English |
| Published: |
World Bank, Washington, DC
2021
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/undefined/357391637337070732/Liberia-Economic-Update-Finding-Fiscal-Space http://hdl.handle.net/10986/36619 |
| id |
okr-10986-36619 |
|---|---|
| recordtype |
oai_dc |
| spelling |
okr-10986-366192021-11-30T05:10:43Z Republic of Liberia Economic Update, June 2021 : Finding Fiscal Space World Bank ECONOMIC GROWTH ECONOMIC OUTLOOK FISCAL TRENDS MACROECONOMIC RISK FISCAL SPACE GOVERNMENT SAVING REVENUE MOBILIZATION PUBLIC EXPENDITURE SPENDING EFFICIENCY In the years leading to the Coronavirus (COVID-19) outbreak, Liberia’s economic performance was already weak. Since 2014 a series of severe shocks stopped in its track the growth momentum that had been spurred by the Accra Comprehensive Peace Agreement of 2003. The economy was buffeted by the devastating Ebola outbreak, a collapse in iron ore and rubber prices, and the drawdown of United Nations peacekeeping forces. Monetary and exchange rate policy remained tight in 2020, with the Central Bank of Liberia (CBL) exercising caution in view of uncertainties about the economic impact from Coronavirus (COVID-19). The cash shortages have made headlines and prompted the CBL to provide explanations. Fiscal space can be increased by improving the efficiency of current expenditure. The government needs first and foremost to reduce the very high level of current spending and strengthen domestic revenue mobilization to generate savings for public investments financing. Liberia should remain prudent on external borrowing in its quest to meet the large investment required by the Pro-poor Agenda for Prosperity and Development (PAPD). Finally, Liberia should improve the efficiency of its public investment through better planning, project preparation and management, and better alignment with PAPD priorities. 2021-11-29T15:07:28Z 2021-11-29T15:07:28Z 2021-06 Report http://documents.worldbank.org/curated/undefined/357391637337070732/Liberia-Economic-Update-Finding-Fiscal-Space http://hdl.handle.net/10986/36619 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Economic Updates and Modeling Africa Africa Western and Central (AFW) Liberia |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ECONOMIC GROWTH ECONOMIC OUTLOOK FISCAL TRENDS MACROECONOMIC RISK FISCAL SPACE GOVERNMENT SAVING REVENUE MOBILIZATION PUBLIC EXPENDITURE SPENDING EFFICIENCY |
| spellingShingle |
ECONOMIC GROWTH ECONOMIC OUTLOOK FISCAL TRENDS MACROECONOMIC RISK FISCAL SPACE GOVERNMENT SAVING REVENUE MOBILIZATION PUBLIC EXPENDITURE SPENDING EFFICIENCY World Bank Republic of Liberia Economic Update, June 2021 : Finding Fiscal Space |
| geographic_facet |
Africa Africa Western and Central (AFW) Liberia |
| description |
In the years leading to the
Coronavirus (COVID-19) outbreak, Liberia’s economic
performance was already weak. Since 2014 a series of severe
shocks stopped in its track the growth momentum that had
been spurred by the Accra Comprehensive Peace Agreement of
2003. The economy was buffeted by the devastating Ebola
outbreak, a collapse in iron ore and rubber prices, and the
drawdown of United Nations peacekeeping forces. Monetary and
exchange rate policy remained tight in 2020, with the
Central Bank of Liberia (CBL) exercising caution in view of
uncertainties about the economic impact from Coronavirus
(COVID-19). The cash shortages have made headlines and
prompted the CBL to provide explanations. Fiscal space can
be increased by improving the efficiency of current
expenditure. The government needs first and foremost to
reduce the very high level of current spending and
strengthen domestic revenue mobilization to generate savings
for public investments financing. Liberia should remain
prudent on external borrowing in its quest to meet the large
investment required by the Pro-poor Agenda for Prosperity
and Development (PAPD). Finally, Liberia should improve the
efficiency of its public investment through better planning,
project preparation and management, and better alignment
with PAPD priorities. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Republic of Liberia Economic Update, June 2021 : Finding Fiscal Space |
| title_short |
Republic of Liberia Economic Update, June 2021 : Finding Fiscal Space |
| title_full |
Republic of Liberia Economic Update, June 2021 : Finding Fiscal Space |
| title_fullStr |
Republic of Liberia Economic Update, June 2021 : Finding Fiscal Space |
| title_full_unstemmed |
Republic of Liberia Economic Update, June 2021 : Finding Fiscal Space |
| title_sort |
republic of liberia economic update, june 2021 : finding fiscal space |
| publisher |
World Bank, Washington, DC |
| publishDate |
2021 |
| url |
http://documents.worldbank.org/curated/undefined/357391637337070732/Liberia-Economic-Update-Finding-Fiscal-Space http://hdl.handle.net/10986/36619 |
| _version_ |
1764485622949478400 |