Home Economy “SOEs Are Deeply Linked to Delivery of Liberia Core Development objectives” …Says World Bank Liberia Country Manager

“SOEs Are Deeply Linked to Delivery of Liberia Core Development objectives” …Says World Bank Liberia Country Manager

by newsmanager
By T.R Dixon

MONROVIA: World Bank Liberia Country Manager, Madam Georgia Wallen, has disclosed that State-owned enterprises (SOEs ) are deeply linked to delivery of Liberia’s core development objectives and the ARREST agenda – from scaling up energy access; to boosting sustainable management of forests; to expanding access to clean water and digital connectivity.

She noted that, sound economic governance and sustainable practices are fundamental to SOE effectiveness and to the achievement of Liberia’s national development goals.

According to her, state-owned enterprises play a pivotal role in many economies around the globe, serving as engines of growth, providers of essential services, and catalysts for development.

Madam Wallen pointed out that, however, their potential can only be fully realized when accompanied by robust governance mechanisms that prioritize transparency, accountability, and efficiency.

She made the statements on Monday, May 27, 2024, at a local hotel in Monrovia, at a one day Workshop under the theme: “Improving Governance of SOEs and Reducing Fiscal Risks Improving Governance of SOEs and Reducing Fiscal Risks” organized by the by the Bureau of state enterprises with support from the World Bank.

She however encouraged the participants to discuss insights from the recent report on “Improving Governance of State-Owned Enterprises and Reducing Fiscal Risks.

“The report underscores the importance of enhancing governance frameworks within SOEs to mitigate fiscal risks and promote sustainability” she said.

She cautioned the participates who discussed four key strategies outlined in the report which also included Transparency and Accountability. She stressed that transparency and accountability should be the cornerstone of SOE operations, ensuring that decision-making processes are clear and accessible to stakeholders.

She emphasized the need for the participates to focus on Strategic Planning and Performance Management and they should have a clear vision aligned with national development goals.

“Comprehensive performance management systems are needed to monitor progress; identify areas for improvement; and drive efficiency and innovation,” she added.

She further indicated that corporate Governance Reforms, Strengthening corporate governance frameworks are essential to instill confidence among investors, creditors, and the public in SOEs.
She pointed out that, this includes establishing independent boards of directors; adopting best practices in risk management; and fostering a culture of integrity and ethical conduct.

Commenting on Financial Sustainability, the World Bank Liberia Country Manager noted that, SOEs need to be financially sustainable to fulfill their mandate effectively without burdening the public purse.

“This requires prudent financial management practices – including effective budgeting, debt management, and revenue optimization strategies,” she said.

She added that, collaboration among governments, international organizations, and the private sector will be paramount as Liberia navigates the path to sustainable SOEs.

“Together, we can leverage our collective expertise to implement needed reforms and build a more resilient and prosperous future,” she said
The World Bank Liberia Country Manager then encouraged them to participate actively in the session and to consider the insights provided by the report and commit ourselves to improving the governance of state-owned enterprises.

“Doing so can reduce fiscal risks, enhance economic stability, and pave the way for sustainable development and shared prosperity,” she stressed.

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