‘Gov’t Need to Redouble Its Efforts to Build Vibrant Private Sector’

first_imgThe Central Bank of Liberia (CBL) has suggested that the Government redouble its efforts aimed at building a vibrant private sector through, among others, the provision of strong credit support, especially to the agriculture, services and manufacturing sectors in order to ensure a better growth performance and stronger support for Liberian entrepreneurship.“It would accelerate job creation and the realization of Liberia becoming a middle income country in line with the Government’s Agenda for Transformation (AfT),” said CBL its 2015 policy statement, released earlier this week. “We also intervened in the real sector through credit easing and credit guarantee, especially for the rubber and housing sectors; and rolling over microfinance payments under the credit unions and village savings and loan associations operating in rural Liberia, affected by the Ebola crisis,” the statement noted.Credit easing is a policy tool used by central banks to make credit more readily available in the event of a financial crisis. Credit guarantee, however, is the guarantee that often provides for a specific remedy to creditor if debtor does not return the debt.According to the report, they (CBL) have observed that the just ended Ebola outbreak, which plagued the country, last year exposed the structural weaknesses of the Liberian economy; highlighting the compelling need for a more concerted effort to restructure the economy. The statement places greater emphasis on value-addition mode of domestic production, especially in the agriculture and manufacturing sectors.“It is important to note that the economy is estimated to grow under one percent for 2014 and 2015, and although projected to rebound and average around 5.0 percent growth in the medium term (2014-2020), it is by far lower than the pre-Ebola (2006-2013) growth of about 8.0 percent,” the CBL explained. The statement noted further that such growth trend is inadequate to create significant employment and make a positive change in poverty reductions.Accordingly, “there is a need for appropriate macroeconomic management tools to promote diversification for more inclusive growth and development in the country,” the CBL said.Mr. Jefferson Kambo, Officer-in-Charge of Research at the CBL, explained to the Daily Observer via phone that if iron ore and rubber can be processed into steel and tires (respectively) in Liberia, this would help to “modify our growth so that the growth would be sustainable.” According to him, Liberia has good soil, yet, “We are still importing rice. We need to put our efforts together to transform our economy by producing our own product here.”Also, the CBL’s eight-page policy statement discloses that the Bank is working to develop an appropriate framework that involves private investors to finance agriculture and housing.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

NA ROSSA DEFEAT GLENFIN AFTER EXTRA-TIME IN JUNIOR GAELTACHT

first_imgThe senior team secured a place in the semi finals of the Gaeltacht championship with a 1 point victory after extra time against the Glenfin reserves last Saturday afternoon.They travel to Glenswilly on St Patrick’s day to play in that semi final. Throw in as at 3pm.The first league game of the season takes place this Saturday in Castlefinn. Throw in to be confirmed at training.The club would like to thank Aidan & Ann Marie for sponsoring the energy drinks after the game last week.The lotto draw took place last Monday evening in the hall. The jackpot was not won on the night. Numbers drawn were 12, 14, 22 & 23. Two lucky dip winners receive €50 Leanne Devenney, Meenagowan & Ciara Boyle, Dooey. Next weeks jackpot will be €2,500.The club would like to extend its sincere condolences to the families of Mary Mcgettigan, Derrylaconnell & Eileen Hanlon, Madavagh on their untimely passing  recently.From all committee members at the club. NA ROSSA DEFEAT GLENFIN AFTER EXTRA-TIME IN JUNIOR GAELTACHT was last modified: March 15th, 2016 by Mark ForkerShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:GAANa RossaSportlast_img read more