Top IMF Official Outlines Support to Liberia Since 2008
-Financial Assistance About US$1.2 Billion
The Resident Representative of the International Monetary Fund (IMF) in Liberia, Geoffrey Oestreicher, says financial assistance provided by the IMF to Liberia since 2008 stands at about US$1.2 billion.
He said the IMF is in Liberia to make interventions like surveillance, technical assistance and training, as well as financial assistance.Addressing leading business executives on Thursday at the Liberia Chamber of Commerce first monthly business luncheon in Monrovia, Mr. Oestreicher stressed that it is important to keep debt affordable.
He said the IMF is mostly known for financial assistance and the promotion of economic stability and global growth by encouraging countries to adopt sound economic and financial policies.
“To do this, the IMF regularly monitors global, regional, and national economic developments. It also seeks to assess the impact of the policies of individual countries on other economies,” he noted.
According to Oestreicher, over the past ten years, the Liberian economy has been challenged by certain factors, some of which are beyond the country’s control.
He named these challenges as the decline in the prices of key export commodities; the withdrawal of UNMIL; and capital flight due in part to political uncertainty.
In remarks earlier, Liberia Chamber of Commerce (LCC) president, J. Wendell Addy, promised that his leadership will promote a vibrant private sector in the country.
He disclosed that the LCC will stimulate the investment climate in the country, adding that the Chamber is ready to work with all businesses.
“We are ready to move forward, ready to lead the private sector,” he stressed.
A platform for networking among the private sector and policymakers, the business luncheon also allows government officials and international partners to present their functional roles and address serious policy issues associated with doing business in the country.
The first luncheon featured a panel of three policy makers – Commerce Minister Wilson K. Tarpeh; Finance and Development Planning Minister Samuel D. Tweah and International Monetary Fund Resident Representative in Liberia Geoffrey Oestreicher.