Liberian President George Manneh Weah has told an international panel that his CDC government has “taken measures to ease the burdens on small vulnerable businesses in the informal sector as well as big businesses.”
The Liberian leader was speaking on Monday, May 25, 2020 on the virtual United Bank For Africa (UBA)’s Africa Day High Level Panel. It was held under the theme, “Emphasising Economic Collaboration: Restructuring and Repositioning for the New African Order.”
President Weah also told the international panel that his government had been able to make critical interventions in partnership with commercial banks to provide loans and other financial assistance to businesses as a means of addressing hurdles caused by Covid-19, an Executive Mansion press release says.
The loan scheme the Liberian leader talked about in his presentation is part of a COVID-19 stimulus plan recently approved by the Legislature.
The President said his government was on the verge of providing loan assistance to petty traders and other marketers, adding, “We are working with commercial banks to remedy loan payments because the Pandemic has shattered everything.”
President Weah asserted that these actions were necessary owing to the fact most businesses lost incomes generation capacities and other people lost their jobs.
The Panel Discussion took place yesterday (Monday) as Africa observed Africa Day on May 24, the founding of the Organization of African Unity, now the African Union.
Other panelists included some of Africa’s renowned economists and business leaders as well as US Senator Chris Andrew Coon.
It was organized by the Tony Omelu Foundation and moderated by Mr. Tony Omelu, Chair of the United Bank of Africa (UBA).
President Weah, in his presentation, highlighted efforts employed by his government to strengthen both the formal and informal sectors of the Liberian economy.
He said his government took the responsibility of repaying loans on behalf of citizens because of the enormous stress COVID19 bears on already struggling businesses.
President Weah participated with his Senegalese counterpart, Macky Sall on the high-level panel along with other global leaders. Others include Senator Chris Coons, US Senator and Member of the Senate Foreign Relations Committee, Prof. Okey Oramah, President, Africa Export-Import Bank (Afreximbank), Peter Maurer, President, International Committee of the Red Cross (ICRC) and Amir Ben Yahmed, President, Africa CEO Forum.
The panel was moderated by Tony O. Elumelu, Group Chairman, United Bank for Africa (UBA) & Founder, Tony Elumelu Foundation.