According to Finance Minister Kamara, the Liberian economy has been engulfed by difficulties for three successive years since 2014.
He made the disclosure Tuesday at a one-day Government of Liberia and the United Nations Development Assistances Framework (UNDAF) Mid-Term Review Retreat Concept Note and Agenda held at the Monrovia City Hall.
He noted that for the past three years, the Liberian economy has grown at an average of zero percent as a result of the impact of the Ebola epidemic on the economy and the reduction of the prices of iron ore and rubber - the country’s major export earners - on the world market.
He stressed that the economic downturn has severely hindered government in mobilizing the needed resources to finance the Agenda for Transformation, bringing significant pressure on the budget.
Kamara indicated that the government has been constrained to revise the national budget downward in the last two fiscal years resulting in a sweeping fiscal space.
Minister Kamara called on participants at the retreat to come out with suggestions that will help transform the nation’s economy and foster development.