Outgoing World Bank Country Director Dr. Henry Kerali announced here Wednesday June 19, 2019 that the Bank would increase its funding to Liberia in the tone of US$210 million over the next three years.
The pronouncement comes in the wake of increasing economy hardship, amidst inflation and growing depreciation of the Liberian Dollar against major foreign currencies such as the United States Dollars, this has resulted to liquidity problems at local banks with many suspending loans facilities to local businesses.
Dr. Kerali, who has until his pending departure served as the Bank Country Director for Liberia, Sierra Leone and Ghana made the disclosure about the increase funding when he along with Bank Country Manager for Liberia, Larisa Leshchenko and her successor KhwimaNthara paid President George Manneh Weah a courtesy at his Foreign Ministry office Wednesday.
He notes that it is a great opportunity working with President Weah and his government, adding that the World Bank Group remains committed to helping Liberia.
Dr. Kerali expresses the interest of the Bank’s Liberia team in working with the government to review some concessions agreements, and also stressed the importance of the Southeastern Corridor Road Asset Management Project (SECRAMP).
He promises that the World Bank would ensure that the project becomes a reality.
“We will support you and people of Liberia to achieve their potential,” Dr. Keraliwas quoted to have said.
Earlier, President Weah reiterated government’s commitment to tackling the prevailing economic challenges facing the country.
In a statement issued by the Executive Mansion, President Weah was quoted as recounting concrete actions that his government has been taking to salvage the ailing economy her inherited.
The Mansion indicates in a press release that President Weah told the World Bank officials that transparency and accountability policies at all levels of government are being enforced.
President Weah assures that government would continue to uphold the independence of the Central Bank of Liberia (CBL) towards implementing measures to resuscitate the country’s economy.
President Weah explains that his recent appointment of some officials at the CBL ahead of a vetting process to pick a new CBL Governor is part of efforts to ensure a credible and independent Central Bank.
According to President Weah, government has frozen further borrowing from the CBL for liquidity stabilization purpose.
President Weah thanks the World Bank Group and its officials for their support to Liberia’s economic recovery efforts and promised government’s cooperation and support to the Bank’s new Country Manager, Dr. KhwimaNthara.