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expenditures in the period prior to 1960. However, due to the
lack of expenditure data it had to be assumed at times that
expenditures reported in a particular period were characteristic
for a longer period. This general lack of data resulted in the
decision to sub-divide the period under investigation in this
chapter into a first period which ends around 1963/1964 and a
second period which covers the years from 1963 until 1979-
The reasons for ending the first period in 1963/64 are manifold
and can be summarized as follows:
1) sets of general data on Liberia's economy and Government's
fiscal affairs were not available until the completion of the
country's first Economic Survey which was carried out by the
Northwestern University team in 1961/62 (3);
2) the (gradual) creation of a Department of Planning and
Economic Affairs during the 1960's contributed greatly to the
collection of and the improvement in the availibility of
statistical data (following the activities in this respect of
the Joint U.S.-Liberian Commission for Economic Development
during the 195O's);
3) prior to 1964 detailed information on the Government's
expenditures was at best fragmentary, in-consistent and in
general of a questionable reliability, and at worst statistics
were missing;
4) in 1962 Liberia joined the I.M.F. and the I.B.R.D. which also
affected the availibility of data;
5) prior to 1964 there exists no complete record of total
external financial assistance given to Liberia (4);
6) foreign assistance in general started as from 1963/64 except
for the prior activities in this respect of the U.S.A., the
U.N.0. and West-Germany;
7) in 1963 the second iron ore mine, the LAMCO Joint Venture,
started to produce which resulted in a fundamental change of
the revenue structure;
8) in 1964 the results of the 1962 Population Census became
available, this was the first national census ever held;
9) no major foreign concession entered Liberia after the early
196O's (except for a large number of relatively small logging
companies in the 1970's);
10) the 1963 financial crisis;
The 1963-1978 period has been broken down - when appropriate -
into two periods, each of about 8 years, which each cover a
different Administration.
THE 1928 - 1963 PERIOD
The Impact of the International Economic Recession; the 1930's
Threats to Liberia's independence and political stability
resulted in many cases from financial crises which in their turn
often resulted from internal factors such as improper tax
legislation and collection, tax evasion, poor administration as
well as from irresponsible borrowing and spending, including