President Ellen Johnson Sirleaf has urged the Central Bank of Liberia (CBL) to exercise more caution in the announcement of measures which have implications on the collective economic targets for sustained national financial viability.
While welcoming the positive impact of the CBL’s decision to mitigate the financial burden of school closure in the private schools by committing to settle the debts owed the commercial banks, President Sirleaf said there was a need to liaise with other players in the economy.
Delivering Annual State of the Nation address to the Joint Session of the National Legislature on Monday,
President Sirleaf said the government had to take appropriate measures on the economic front to ensure that the economy did not collapse during the outbreak of the Ebola virus in the country.
“Under my very clear and emphatic instructions, the Economic Management Team (EMT) coordinated by the Minister of Finance and Development Planning ensured that certain measures were instituted to keep the economy afloat,” she noted.
The Government, through CBL, expanded financial intermediation by promoting throughout the country expansion in commercial banks, foreign exchange bureaux and Savings and Loans Associations, she said.
She cited the introduction of a Collateral Registry and promotion of the recently passed Insurance Act as some of the important milestones.
The Chief Executive noted that consistent with policies, the CBL took the decisions to improve access to finance in rural areas and in the informal sector of the economy, while foreign exchange rate remained stable, civil servants received their salaries and wages on time and the commercial banks remained liquid during the crisis.
The Liberian leader then applauded the Economic Management Team for working to maintain macroeconomic stability.