…To improve country’s fiscal and monetary space
House Speaker Bhofal Chambers has applauded the International Monetary Fund (IMF) and other economic partners of Liberia for their engagement with the government, to mitigate the shocks in the Liberian economy, but cautioned that they need to go further in working with Liberia on critical law reforms.
The aim, according to Chambers, is to tap on other economic potential sectors of the country for sustainable growth.
In a meeting at his Capitol Building office in Monrovia, Speaker Chambers told the IMF Resident Representative in Liberia, Geoffrey Oestreicher, that the country’s economic challenges started several years back in the very eyes of international economic policy partners, but they reserved their policy advisory prescription until the pinch from the bad economic decision of yesteryears started biting the Liberian economy in its recent history.
“Partnership for effective cooperation should be the module by which we can coexist so that we benefit our people and the world at large,” Speaker Chambers said.
Chambers further that Liberia has heeded to some economic measures, which the IMF had proffered, and is currently executing some strong austerity measures such as reducing government wage bill and spending more on capital projects to improve the economy.
“Liberia cannot cut on her wage bill perpetually,” he said.
Mr. Oestreicher said that his organization envisages a clean break from the past fiscal year (2018-2019). He says the IMF will not pull out of Liberia in these difficult times, but will work with the country to improve its fiscal and monetary space.
Mr. Oestreicher said that the IMF has advanced some economic recommendations to the Liberian government, which is aimed at promoting stability in the country’s micro economics, reducing inflation, capital flight and adapting a fiscal contraction policy for sustainable gains.
He added that Liberia is heading to the end of a cliff, and as such, they are here to work with the country’s economic managers to reverse the downward trend of the economy.