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‘Work for Single Liberian Currency Regime Begins 2019’

first_imgNathaniel Patray, Executive Governor, Central Bank of Liberia-CBL Gov. PatrayCentral Bank of Liberia (CBL) Executive Governor, Nathaniel Patray, said that the Bank under his leadership, together with the Ministry of Finance and Development Planning (MFDP), will in 2019 commence work with the Legislature and other stakeholders on a revised framework for de-dollarization to revert to a single Liberian currency regime.Patray told the Senators during his recent confirmation hearing that several policy measures would be carried out in 2019, under the Bank’s medium-to-long term policy measures.Under those policy measures, Mr. Patray said the CBL will work with the Legislature on Export Proceeds Repatriation Law to ensure regular and constant flow of foreign exchange in the economy, and by extension increase the supply of foreign exchange in the economy.The CBL and MFDP, Governor Patray promised, will work with the Legislature to introduce new banknotes to replace the existing one with a uniform family of banknotes; that the Government of Liberia (GoL) will be encouraged to invest in critical infrastructures such as roads, electricity, rule of law, and enforcement of property rights that promotes diversification.He said the GoL through the ministries of Finance and Development Planning, Agriculture, Commerce and Industry, and the CBL should develop a value chain around agricultural output to stimulate domestic production, income generation, and employment.Speaking further to members of the Senate Committee on Banking and Finance, Governor Patray underscored the need for GoL through MFDP, CBL, the National Investment Commission and the Ministry of Commerce to initiate a strategy to invest in the actualization of the Special Economic Zones to encourage domestic manufacturing in the economy.As for price and broad exchange rate stability, Governor Patray said this “will remain the CBL’s major goal, and apart from the goal mentioned, the CBL will work with other GoL’s stakeholders to recognize a number of other economic goals, including economic efficiency to achieve the maximum fulfillment of wants using the available productive resources; economic freedom to guarantee that businesses, workers and consumers have a high degree of freedom in their economic activities.”Other economic goals the CBL intends to take, according to Governor Patray, includes bringing about equitable distribution of income to ensure that no group of Liberians faces stark poverty, while others enjoy extreme luxury.He named some of the goals as providing economic security for those who are ill, disabled, handicapped, laid off, aged, or unable to earn minimal level of income; and to carry on a balance of trade to seek a reasonable overall balance with the rest of the world in international trade and financial transactions.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

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Ramjattan wanted to be Attorney General

first_img…but “got what we deserve”Founding Member and recently elected leader of the Alliance For Change (AFC), Khemraj Ramjattan has disclosed that after his party in coalition with the A Partnership for National Unity (APNU) won the 2015 elections, he wanted the position of Attorney General (AG).AG Basil WilliamsPublic Security MinisterKhemraj RamjattanHowever, during a live radio programme last week, Ramjattan said he had to step aside since Basil Williams, a member of People’s National Congress/Reform (PNC/R), also wanted the position. The PNC/R is the largest party in the five-party APNU, which holds the majority in the coalition Government.“My first choice was Attorney General… [But] Basil Williams was also interested in that and we had to opt for the next and that was security,” Ramjattan stated.Over the years, AG Williams, who is also the Legal Affairs Minister, has been heavily criticised for the State losing a lot of cases under his watch. However, both he and President David Granger has defended his performance.Ramjattan, nevertheless, noted that his expertise in the criminal law area was better put to use as Public Security Minister. He further posited that his party, the AFC, got what it deserved after coalescing with the APNU in February 2015 to successfully contest the 2015 General and Regional Elections.“We deserved what we got and it was because of the APNU side also appreciating what we deserved. They deserved what they got too. If we gonna fight over the little that some people feel that we got more and so on, it’s not gonna take us any place. And so, it is important that when you form a coalition and worked out a partnership agreement, you do not go crying all about the place that we should’ve gotten instead of 12 seats, 14 or we should’ve gotten more than eight Ministers and things like that. And similarly, the other side shouldn’t be saying things like ‘oh, they should’ve only gotten five and so on’. It worked out successfully because we managed to win the elections by a very slim majority. Had we not done the agreement, certainly Donald Ramotar would’ve been there up to now,” Ramjattan posited.At the AFC’s National Executive Conference (NEC) earlier this month, Ramjattan was not only elected the party’s leader but also secured backings to be its Prime Ministerial Candidate at the upcoming elections – ousting current Prime Minister Moses Nagamootoo.In accordance with the 2015 Cummingsburg Accord, signed between the two parties, AFC will have the Prime Ministerial position while the Presidential post goes to APNU.The Accord has a lifespan of a minimum of three years and maximum of five years and was focused primarily on the General and Regional Elections. However, the AFC back in 2017 was pushing to have the ‘deal’ reviewed and revised, and had even set up a committee to lead those talks which never panned out.But the APNU’s point man for the negotiation of the Accord, Carl Greenidge, had stated last November that there were no immediate plans to modify the agreement since it has been working well.In fact, after a National Executive Committee (NEC) meeting back in January, the minority party in the coalition Administration also reiterated its commitment to the coalescing pact. But this is despite the AFC in recent years coming under fire for the submissive role it has been playing since joining forces with the APNU.This led to the minority party contesting the November 2018 Local Government Elections (LGE) on its own. The AFC then contended that it is still a force to be reckoned with after garnering between four and 10 per cent of the popular votes.last_img read more