(MENAFN- APO Group)
His Excellency Joseph Nyuma Boakai, Sr., President of the Republic of Liberia, has issued three critical Executive Orders aimed at fostering economic growth, enhancing national infrastructure, and supporting key state-owned enterprises.
These Executive Orders represent the President's commitment to addressing urgent national priorities and ensuring sustainable development.
The Executive Orders are Executive Order No. 138 on Tax Exemption for Liberia Electricity Corporation (LEC), Executive Order No. 139 for the Suspension of Tariffs on Agricultural Products, and Executive Order No. 140 for the Exemption of Customs Duty for LPRC Projects.
Executive Order No. 138: Tax Exemption for Liberia Electricity Corporation (LEC)
The President has renewed tax exemptions for the Liberia Electricity Corporation (LEC), ensuring that it can deliver affordable electricity to the public. This includes exemption from:
. Customs duties and Goods and Services Tax (GST) on essential equipment, materials, and vehicles used for generation, transmission, and distribution.
. Fuel costs, including heavy fuel oil (HFO), to stabilize electricity rates and support LEC's transition to expanded hydroelectric power.
This directive will enable LEC to expand its customer base, improve transmission systems, and ensure affordable electricity for Liberians.
Executive Order No. 139: Suspension of Tariffs on Agricultural Products
Recognizing the high tariffs on agricultural inputs as a barrier to growth, this Executive Order suspends tariffs on agricultural products and equipment to:
. Increase farmers' access to high-quality inputs at affordable prices.
. Promote commercial agricultural activities and boost productivity.
. Enhance the livelihoods of rural farmers and strengthen economic stability.
The Ministry of Finance and Development Planning, in collaboration with the Ministry of Agriculture, is tasked with streamlining the tax exemption process to ensure eligible beneficiaries receive timely support.
Executive Order No. 140: Exemption of Customs Duty for LPRC Projects
The President has also granted an exemption from customs duties on materials required for the construction of a 17,000 M3 Premium Motor Spirit (PMS) Tank and a modern state-of-the-art laboratory by the Liberia Petroleum Refining Company (LPRC).
. The PMS tank project will increase LPRC's ullage capacity from 20,000 MT to 37,000 MT, significantly boosting Liberia's fuel security.
. The laboratory will enable LPRC to conduct all petroleum-related tests locally, enhancing efficiency and operational standards.
This measure will accelerate project completion, enhance LPRC's dividend contributions to the National Budget, and address petroleum-related challenges in Liberia.
These Executive Orders demonstrate President Boakai's dedication to fostering economic resilience and improving public service delivery.
“Our focus is on supporting critical sectors-energy, agriculture, and petroleum-to drive Liberia's development and improve the quality of life for all citizens,” the President stated.
The President urged all stakeholders and the public to embrace these measures, as they are essential for the nation's reconstruction and long-term prosperity.
Distributed by APO Group on behalf of Republic of Liberia: Executive Mansion.
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