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Parliament Ratifies Finance Act 2010

Parliament Ratifies Finance Act 2010

Parliament on Thursday 18th March 2010 ratified the Finance Agreement Act 2010 for the Regional Fisheries programme between Sierra Leone and the International Development Association (ADA).

The Act is part of the financing agreement concerning West African regional fisheries between Sierra Leone and the International Development Association of 2009. The fisheries program will be funded through the global environment facility grant agreement between Sierra Leone, the International Bank for Reconstruction and Development, commonly known as the World Bank, and the Dollar Credit Line agreement between the government of Sierra Leone and Export to Import Bank of India.

In laying out the agreement past Tuesday the 16th March 2010 before Parliament for ratification, 2nd Minister of Finance and Economic Development Mr. Momodu Kargbo

told Parliament that the import duty in Sierra Leone is to encourage investors.

Naming cement, the minister said there is a need to export better quality cement to other countries and at the same time ammonize the way in which it is exported for it to create more revenue for the country and create central employment from one generation to generation.

On timber, Minister Kargbo said the ammonization of timber export is against the state. The minister informed Parliament that the timber industry in any developing country is very important for income generating and to promote development, but also added that trees are important in the country as their presence prevents global warming.

 The minister went on to warn that deforestation through the timber trade is causing global warming. The minister called on Sierra Leoneans to actively embark on agriculture as a business and achieve food security.

Honourable Suffian Kargbo of  the APC in his contribution, expressed thanks to the Minister of Finance and Agriculture respectively for their move. He said that as a nation they need to take great stance in securing the country’s timber resources. “We should all join hands in protecting deforestation,” he concluded.

Speaking on behalf of the  SLPP, Foday Rado Yokie appealed that local investors should be given concession.

The House gave a massive support to the Bill.     

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