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Pres. Weah promises Gov’t Infusion of US $ 25m into Liberia’s Economy

Monrovia-President George Weah says his government will infuse twenty-five million United States dollars as a measure in a stabilizing the country’s economy.

 

Trokon Augustus Freeman-www.trokonfreeman@gmail.com

 

President Weah in recent time has been criticized for not addressing the state of the economy, as the Liberian dollars experiences depreciation.

President Weah said such move would help resuscitate the country’s broken economy.

As part of measures, the Liberian leader said the CBL would ensure robust monitoring and regulation of exchange bureaus, vigorous oversight of commercial banks and conduct comprehensive review process leading to public demand for the United States dollars.

“In seeking solutions to this problem, we intend to engage the minds of the best and the brightest Liberian economists, both here and abroad.

And we will also seek advice and active support from our international partners.

These measures will include, but not be limited to:

1. An immediate infusion by the Central Bank of Twenty-Five Million United States Dollars into the economy to mop up the excess liquidity of Liberian dollars.

2. A mandate to the Central Bank to provide more effective supervision and regulation of money-changers or foreign exchange bureau.

3. A mandate to the Central Bank to provide more robust oversight of banks under its supervision

4. Conduct a comprehensive review of regulations on the hoarding of both Liberian dollars and U.S. dollars outside the banking system, and provide incentives and safeguards to encourage the utilization of the banking system, including financial instruments.”

 

According to Dr. Weah, it was not necessary to shift blame on the previous administration, but was necessary to help find sustainable solution to the problems.

The president mentioned that he was acquainted with the problems while seeking the office of the presidency, therefore he was not taken by surprise.

Weah informed Liberians that he was elected with an expectation of solving the country’s problem, and not shift blame.

He’s inviting best brains in the country and abroad to help find solutions to the problems.

 

Meanwhile, a panel of analysts, including UP’s Mo Ali, Eric Kennedy and Rufus Nuville appeared on the “After Conversation” with Smith Toby and provided diverse views on the president’s address.

Former Montserrado County Lawmaker, now advocate, Ambassador Rufus Nuville said the speech was a waste of time, adding that the Liberian leader said nothing.

Ambassador Nuville said the president should have used the time to speak about Assets Declaration and at the same time place a moratorium on the procurement of expensive vehicles and restrict foreign travels by government officials.

For his part, Eric Kennedy said the president was magnanimous enough on his proposal to bring other Liberians on board while finding solution to the problems.

Speaking earlier, Mo Ali said the infusing of twenty-five million United States dollars into the economy raises more questions than answer.

Meanwhile, OK FM’s reporter, Nyantee Tokpa has been engaging the views of Liberians on the streets of Monrovia on Dr. Weah’s address to the nation.

 

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