-US$25m to be infused into the market
By our Staff Writer
President George Manneh has admitted that the current economic hardship is causing serious hardship on the Liberian people, but has announced a number of measures intended to ease the current difficulties.
In a live radio and television address to the nation Monday afternoon, President Weah said “I’m fully aware of the negative impact” the dramatic increase in the exchange rate is having, something that has led to hike in prices of food and other basic commodities in the country.
The speech came as the exchange rate of the Liberian dollar reached an all-time high of 163 LD to one USD, more than five months after the CDC government took office.
The Liberian leader, who said that he took over a ”weak” economy but “it is not time to complain or cast blame on previous administration”, announce that the Central Bank of Liberia (CBL) will immediately infuse US$25 into the money market as part of initial steps to address the current monetary and economic crisis.
But he promised that the CBL will now play a more robust oversight in ensuring monetary stability, such as streamlining the operations of foreign exchange business and regulating the foreign exchange market to reduce the very high level of monetary transactions outside of the banking system.
This, he emphasized, is just a temporary measure and that sustainable recovery will take some time.
President Weah announced that a comprehensive development implementation strategy to advance his government’s “Pro-poor” agenda is nearing completion to be released to citizens and the international community soon.
According him, his government is enlisting the support of “the best and brightest”” financial and economic experts in helping to carve out short, medium and long term economic recovery and development plan.
More details in subsequent reports