The visiting International Monetary Fund (IMF) delegation has commended Liberia Revenue Authority (LRA) Commissioner General James Dorbor Jallah for an impressive revenue collection performance, pledging the Fund’s support to further enhance this success.

During their visit on Tuesday, November 12, 2024, at the LRA headquarters in Paynesville, the head of the IMF delegation, Mr. Daehaeng Kim, expressed admiration for the LRA’s achievements, particularly noting the exceptional revenue performance at the close of October 2024, which surpassed the projected revenue target by 1%. The LRA exceeded its year-to-date target of US$568.2 million, collecting an impressive US$572.6 million, marking the highest level of domestic revenue mobilized by the LRA at this point in the year since its inception a decade ago.

Mr. Kim highlighted the resilience and commitment demonstrated by Commissioner General Jallah and his team at the LRA despite numerous challenges, acknowledging their critical role in Liberia’s development. He said it was encouraging to see Commissioner General Jallah’s leadership and the LRA’s hard work yielding such remarkable progress. “Liberia’s economic stability depends on effective revenue mobilization, and the IMF is pleased to see this progress,” Kim said, before asking for challenges the LRA is experiencing.

The IMF delegation’s visit centered on discussions with the Liberian Government and key state stakeholders regarding the IMF’s role in supporting Liberia’s fiscal and economic stability. As a vital national entity in this agenda, the LRA’s performance and growth initiatives are a key interest for the IMF, which has pledged to provide continued support.

In response to the IMF’s commendation, Commissioner General Jallah expressed gratitude, noting that while progress has been made, there remains significant work to unlock Liberia’s full revenue potential. He outlined key priorities for the LRA, including:

• Leveraging technology and digitization to enhance efficiency,
• Expanding the real estate tax base through a national cadastral system,
• Implementing electronic fiscal devices,
• Transitioning from a Goods and Services Tax (GST) system to a Value-Added Tax (VAT) model,
• Strengthening staff motivation with competitive salaries and incentives.

The Commissioner General also highlighted the potential for growth in emerging sectors, such as the tourism industry and digital economy, which could be harnessed to expand Liberia’s tax base.

“Achieving these transformational programs requires substantial financial and technical resources,” stated CG Jallah. “We look forward to support from the IMF and other international partners to help the LRA meet its annual revenue targets and drive Liberia’s economic growth.”

Joining the discussions with Commissioner General Jallah were key LRA leaders, including Deputy Commissioner General for Technical Affairs Gabriel Montgomery. The LRA emphasized the importance of sustained investment in revenue-boosting initiatives to ensure sustainable economic progress for Liberia.

Other members of the IMF delegation included Joel Chiedu Okwuokei, IMF Resident Representative; Giuseppe Cipollone, Senior Economist; and economists Thabang Molise and Sotima Jocelyn Koussere.