(MONROVIA-March 31, 2008):  An act ratifying the amended and restated Concession Agreement between Liberia and the Firestone Inc., has been signed by President, Ellen Johnson Sirleaf.

According to an Executive Mansion release the President approved the Act Monday at her Foreign Ministry office when she was presented the document by the House and Senate Committees’ leaderships on Executive.

The President also signed the Act to amend the revenue code, restricting to 20-percent, budgetary transfer by the Executive. Under the Act, any budgetary transfer exceeding more than 20-percent must be approved by the national legislature.

Until now, there were no restrictions on budgetary transfers by the Executive.  The President told reporters that the decision to submit a legislation calling for restrictions on budgetary transfers by the Executive, is in furtherance of government’s fiscal and financial discipline, transparency and accountability.

The President thanked members of the National legislature for amending the revenue Code of Liberia and ratifying the Firestone Agreement. She expressed the hope that the agreement would help stimulate the economy toward job creation for Liberians and bring more benefit to the country.

The Acts were presented to the President by the House and Senate’s Leaderships on Executive, represented by Grand Bassa County Senator Gbezongar Findley and Nimba County Representative, Nohn Kaidau.

The documents have now been sent to the Ministry of Foreign Affairs to be printed into hand bills to become law.

Source: Executive Mansion - Monrovia

Sirleaf signing the new agreement for firestone