‘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

Fired-up TKR battle out-of-sorts Tridents

first_imgHero Caribbean Premier League 2018…Fresh off their win over the Guyana Amazon Warriors, defending champions Trinbago Knight Riders (TKR) will be seeking another win when they take on the last placed Barbados Tridents in Match 28 at the Queen’s Park Oval.Shai HopeFriday night’s match should be interesting as TKR will be sizing up the under-pressure of Stars who are in last place, having suffered a recent series of losses; setting up a typical top-of-the-table versus bottom-of-the-table clash. TKR shook up the Guyana Amazon Warriors in Wednesday’s game with Colin Munro denting the bowling surging to 90.While TKR’s line-up has been firing throughout the tournament, Chris Lynn has been out of touch and with his replacement Colin Ingram a similar player to Munro, the champs could fancy their star-studded batting order and hope for a change at the top of the order.A strong showing from USA pacer Ali Khan who starred with 3 wickets in the last game along with some collective work from skipper Dwayne Bravo, Australian leggy Fawad Ahmad and others who have been making a difference. Should the Tridents look for some luck, they will need their batters to fire on the right cylinders with their batsmen like Hashim Amla, Shai Hope, Dwayne Smith and others picking up the slack.Steve Smith who was ruled out with an injury was also a huge loss for the Tridents, making their playing combination going forward a bit more mysterious. However, the quality of bowlers the Tridents possess such as their Pakistani pair of Mohammed Irfan and Wahab Riaz will be a handful while Jason Holder will have triple the responsibility playing as an all-rounder and skipper.Colin MunroTKR could look again to Brendon McCullum for another MVP knock after the ex-New Zealand Captain smashed 66 in a low-scoring game versus the Tridents earlier in the tournament, to help TKR win by 4 wickets.With both Bravo brothers in immaculate hitting form, along with the pair of Kiwis, Ramdin’s seniority and a clicking bowling attack; the champs will fancy the chances of adding to their 12 points and remain in number one spot. The Tridents meanwhile, will be keen on upsetting TKR’s current flow; when the two franchises collide from 20:00h at the Queen’s Park Oval. (Clifton Ross)last_img read more