IMF Delegation Commends LRA On Huge Revenue Collection

IMF Delegation Commends LRA On Huge Revenue Collection

MONROVIA, Nov. 14 (LINA) – A visiting delegation from the International Monetary Fund (IMF) has praised the Liberia Revenue Authority (LRA), headed by Commissioner General James Dorbor Jallah, for its exceptional performance in revenue collection, marking a significant milestone for the country’s financial sector.

According to an LRA official communication released on Tuesday, November 12, 2024, the IMF delegation acknowledged the LRA’s achievement, describing it as a "milestone accomplishment."

The delegates met with Commissioner General Jallah to express their appreciation for the authority’s strong performance in exceeding its revenue targets.

It can be recalled that the LRA reported a remarkable revenue collection of US$572.6 million by October 2024, surpassing its target of US$568.2 million. This achievement marks the highest revenue collection in the history of the LRA since its establishment, setting a new benchmark for the institution.

The communication stated that the IMF Head of Delegation, Mr. Daehaeng Kim, commended Commissioner Jallah and his team for their resilience and dedication, highlighting the substantial progress made in boosting Liberia's revenue, noting that the LRA’s success reflects strong fiscal management and strategic planning.

“We applaud the LRA’s historic performance and the efforts of Commissioner General Jallah’s team,” said Kim. “The IMF remains committed to supporting Liberia in its pursuit of economic stability and growth.”

In response, the release quoted Commissioner General Jallah as expressing his gratitude to the IMF delegation for their recognition and outlined key strategies aimed at further boosting the country's revenue collection.

He emphasized the LRA’s focus on leveraging technology and digitization, expanding real property taxes, implementing electronic fiscal tools, transitioning from the General Sales Tax (GST) to a Value-Added Tax (VAT) system, and providing better incentives for staff.

Jallah, the release stated, also pointed out emerging growth opportunities in the tourism sector and the digital economy, identifying these as critical areas for expanding Liberia’s tax base.