By Augustine Octavius,augustineoctavius@gmail.com
Lawmakers at the Liberian Senate returned to a Special Sitting on Tuesday with Senate President Pro Tempore, Albert Chie confirming that one of the reasons President Weah called this extraordinary session is to make a decision on the printing of new Liberian banknotes.
During this period, the Senate will also conduct confirmation hearing for the Central Bank of Liberia (CBL) designate, Mr. Jolue Alloysiur Tarlue and “ratification of the key financial instruments, which will help revive the economy.”
Pro Tempore Chie also said this special sitting will also “help in the economic recovery process, such as completion of the authorization process for the printing of a new family of currency; confirmation of the nominated Executive Governor and Deputy Governor of the CBL.”
Liberian officials had earlier denied that one of the main reasons for the President calling the extraordinary session of the Legislature was to authorize the printing of new Liberian dollar banknotes, as the CDC government appears to be facing serious liquidity problems.
But the ongoing discussions leading towards printing new money is coming as the controversial 16 billion Liberian dollars and US$25 million mop up saga are yet to be resolved as well as recommended structural reforms being implemented by the CBL and government’s financial institution.
The CBL under former Governor Nathaniel Patray had said the 16 billion LD printed by the former Sirleaf government were accounted for, but the vaults of both the CBL and commercial banks appear to be facing shortage of the new banknotes.
Lucky depositors who manage to get withdrawals are largely given the old mutilated Liberian dollar banknotes.
At the same time, Liberia’s Finance and Development Planning Minister, Samuel Tweah has underscored the importance of public financial management reforms in enhancing accountability and transparency in the governance structure of Liberia.
Minister Tweah speaking at the launch of public financial management reforms for institutional strengthening project being implemented by the Ministry of Finance and Development Planning in Monrovia,
He asserted that efficient public financial management remains a priority for sustained economic growth.