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CBL Provides stimulus for economic recovery

Edward Kennedy/Benjamin S. Taingay
CBL Governor, Mills Jones
CBL Governor, Mills Jones

(elbcradio.com/Liberia/Dec. 31, 2014)-The Central Bank of Liberia (CBL) Executive Governor has instituted stimulus for the economy.

CBL Governor, Mills Jones said: “Despite the challenges, the CBL remains on course with its programs and policies to maintain macro-economic stability and building an inclusive economy.”

“Projections show that expected economic growth of 6.6% over the next three years before the Ebola outbreak, is now expected to slow down to only about 1%, Dr. Jones also said.

The CBL Governor underscored that 2014 was a challenging year for the Bank and the domestic economy for authorities to be more focused on addressing the structural weaknesses in the economy to enable it withstand shocks similar to that of Ebola.

He further noted: “There is a sense of urgency within the Economic Management Team (EMT) on the need to explore various options to revive the economy because of the negative impact as a result of Ebola.”

Dr Jones named the need for a new strategy to ensure sustainable domestic food production, especially rice, to review the existing regime for rice importation as some of the options.

He also said: “Steps should also be taken to get Government’s infrastructural development back on track.”
He noted that such steps should also include making payments to companies that have provided services to the Government.

Governor Jones added that such payments would place the concerned companies in better positions to service their debts with commercial banks and mobilize in carrying out construction work.

 


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