CBL takes stand on Schools Loan Obligations

The Central Bank of Liberia through its Executive Governor, Dr. Joseph Mills Jones has announced that it will pay off the outstanding loan obligations owed by private schools to commercial banks due to the prolonged closure of schools as a result of the outbreak of the Ebola Virus. 

Governor Jones said the Ebola Virus Disease outbreak has contributed to increased debt burden of the private schools to commercial banks and that despite the challenges the CBL was on course.

“Despite the challenges, the CBL is on course with its programs and policies aimed at maintaining macroeconomic stability and building a more inclusive economy, all with the intention of helping to lift Liberians out of poverty.”

The CBL said commercial banks have already provided it with the list of schools and the amounts involved, but admits that the Ebola Virus Disease (EVD) has had a negative impact on the economy; adding that projections show that the growth of the economy, which was expected to average 6.6 percent over the next three years before the Ebola epidemic, is now expected to slow down to about 1 percent.