CBL Rescues Private Schools From Trouble

User Rating: 0 / 5

Star InactiveStar InactiveStar InactiveStar InactiveStar Inactive
Hits: 2465

For the first time the Central Bank of Liberia through it Executive Governor Dr. Joseph Mills Jones has commented on the Ebola Crisis in Liberia saying “the prolonged school closure as a result of the Ebola crisis, which has contributed to increased debt burden of the private schools to commercial banks; it will pay off the outstanding loan obligations of all private schools in the country.” 

Though the amount in question was not revealed but Governor Jones said the commercial banks have already provided the CBL with the list of schools and the amounts

berians out of poverty.
He admits that the Ebola Virus Disease (EVD) has had a profound negative impact on the economy adding projections show that the growth of the economy, which was expected to average 6.6 percent over the next three years before the Ebola epidemic, is now expected to slow down to about 1 percent.
Governor Jones further said that the Ebola crisis had a dampening effect on the microfinance sector and those who live and work in rural Liberia.
He said the health crisis has led to a loss of markets for goods and services arising from travel restrictions and quarantine measures.
The microfinance institutions have been constrained to limit their operations. Loans have ceased, resulting in the inability of many Liberians to access capital.
Report from the field is indicating that in rural Liberia many farms were not harvested. Farmers have missed out on their income from the harvest season and will likely not have the finances to prepare for a new farming season if nothing is done to remedy the situation.
Liberians in the marketing associations all over the country have experienced difficulties and significant loss of income. Most cross border traders have been unable to travel to obtain goods.
Members of credit unions and VSLAs who took loans for business purposes are now generating income far below subsistence levels or are not generating income at all.
Individuals who were previously engaged in some income generating activities are now unemployed and without a means of income.
This situation is undermining the Government’s efforts in the fight against poverty. There is no question that it is in the interest of the national economy that we continue to pay attention to all segments of the population.
However, Dr. Jones stated that the Board of Governors and the management of the CBL remain committed to working within its mandate to support the process of economic recovery and transformation.