The Ministry of Finance and Development Planning (MFDP) has announced that Dr. Louis Rene Peter Larose, the World Bank Group Executive Director for Liberia, arrived in the country on Sunday, August 7, for a five-day official visit. During the course of the visit, Dr. Larose will review political and economic issues, development, infrastructure, post-conflict challenges, as well as the Bank’s support.
Director Larose is accompanied by one of his senior advisors, Dr. Anthony Barclay, who is a Liberian with over 30 years of development experience.
Included in Dr. Larose’s itinerary are separate meetings with President Ellen Johnson Sirleaf; Mr. MFDP Minister Boima Kamara; Mr. Milton Weeks, Executive Governor of the Central Bank of Liberia; and other senior officials of the government. He will meet with the World Bank Group family in Liberia.
Appointed to this position on November 1, 2014, Dr. Larose also serves as Executive Director for Botswana, Burundi, Eritrea, Ethiopia, The Gambia, Kenya, Lesotho, Malawi, Mozambique, Namibia, Rwanda, Seychelles, Sierra Leone, Somalia, South Sudan, Sudan, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe.
As Executive Director, he is responsible for the conduct of the general operations of the Bank and exercise all the powers delegated to them by the Board of Governors under the Articles of Agreement.
The Executive Directors of the Bank serve ex officio as Directors of International Finance Corporation (IFC) and Executive Directors of International Development Association (IDA), as long as the country that appoints them or any one of the countries that have elected them is a member of IFC and IDA. All members of the Multilateral Investment Guarantee Agency (MIGA) Board of Directors are elected. The Executive Directors fulfill their duties through various types of engagements, including providing overall guidance to management on strategic directions and on corporate, regional, country-level and thematic issues.
They also exercise oversight over operational, financial, and institutional matters, selection and accountably of senior management, and risk management functions; and they approve the use of financial resources by all World Bank Group (WBG) entities, including operational and capital budgets, International Bank for Reconstruction and Development (IBRD) and IDA loans, credits, guarantees and grants, IFC investments, MIGA guarantees, and decide on policies presented by management that impact the organization’s general operations and use of resources.