‘This US$3M Pro-Poor Loan Not for Political Show,’ But…

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Mr. Morris: “This is a positive step to the sustainable development of Liberia, if managed well."

-Says PATEL’s communication spokesperson, Caesar Morris

Caesar Morris, chief communication officer of the Patriotic Entrepreneurs of Liberia (PATEL), has indicated that the recent US$3 million loan scheme, which was launched by President George Weah, is not a political show. He said it is intended to help develop the private sector and give a boost to government’s economic development drive.

Morris suggested that there should be a legal requirement that a business should be at least 12 months old. He explained that businesses that could not pay previous loans should not be given this allowance because they would not pay back; and businesses must be tax compliance.

Morris made these remarks on Monday, December 20, 2018, in an interview with the Daily Observer via mobile phone in Monrovia.

He said most of all, there should be a quarterly report on the performance of this Pro-Poor Loan Scheme so as to monitor the progress. PATEL chief for communication used the occasion to commend President George Weah for launching such an initiative.

“This is a positive step to the sustainable development of Liberia. If managed well, this initiative will have a national impact across Small Medium Enterprises (SMEs) and the government,” he declared.

According to him, President Weah must be commended for the passion he has shown for Liberian businesses to take charge of their own economy.

He said the private sector does not just run business; it creates businesses and jobs that contribute in taxes to the government for economic development.

Morris said, “Giving businesses money is a good thing and should be the basis to creating an enabling environment, a level playing field for a fair market.”

He further observed that most of their foreign counterparts marginalize in multiple forms and shapes, which eventually undermine and kill Liberian businesses.

Morris said if Liberians are to no longer be spectators in their own country, they should have a privilege in their economy and not the other way round.

He lamented that it is time the CDC-led government legislate the Liberian Business Economic Empowerment Act, thereby creating an enabling environment and space for Liberian businesses to dominate and not be a spectator.

He said if the Pro-Poor Loan Scheme is to work, the Ministry of Commerce (MoC) and the Liberia Bank for Development and Investment (LBDI) must treat it as other loans but at a special, lower rate and better repayment plan.

6 COMMENTS

  1. You can bet your rent money that, after the ONE year, 90 percent of this so called Pro-poor loan will be in default. Why? Because most of the people who will get these loans will be political cronies, concubines, and bogus business owners! So don’t be shock if this Pro poor loan scheme end up being another FAILED government program! Pro poor means Stay Poor!!

  2. So your na jion jor-weah. PATEL was strong but both sides on government side. This time we don’t see your in the counties anymore. You are our only hope. Only PATEL talks for Liberian business in this country. Your need to make sure the loan come to the counties too. Monrovia is not Liberia.

  3. A wise person once said, “They say that knowledge is power. I used to think so, but I now know that they meant money is power.”

    These poor people should not be put under the false impression that this US$3M money was donated through the goodwill of President Weah from his private money to be used for his Pro-poor Loan Scheme.

    It is the right of the Liberian people to know exactly from where this US$3M came from (the taxpayers) and how this money will be utilized and recouped.

    However, US$3M is a drop in the bucket to micro-finance a large segment of the population (in 15 counties) that is currently unemployed.

    The government is not good at managing money when it comes to micro-finance and social enterprise. I suggest that the Liberian government invites a reputable international micro-finance organization like the Germeen Foundation (a global 501(c)(3) non-profit organization) that has its headquarter in Washington D.C. which currently operates in Asia, Africa, the Americas, and the Middle East.

    The Germeen Foundation is working effectively in places like Bangladesh, Ghana and Uganda. I have no doubt it could also work effectively in Liberia.

    In Liberia, as the wise person will say, “When you come right down to it, almost any problem in Liberia eventually becomes a financial problem.”

  4. SOLUTION;
    Collateralize all of the loans. let these jokers know that if they dont pay it back they will lose their homes, land , and bank accounts. I guarantee that will stop the foolishness because i envision businesses being created and the looting continues.

    AND THE BAND PLAYS ON

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