House Speaker, Dr. Bhofal Chambers has applauded the IMF and other economic partners of Liberia for their engagements with government in helping to reach a solution to mitigate the shocks in the Liberian economy, but cautioned that they need to go further in working with Liberia on critical law reforms, aimed at tapping on other economic potential sectors of the country for sustainable growth.
In a meeting at his Capitol Building Office in Monrovia, Speaker Chambers told the IMF’s Resident Representative in Liberia, Mr. Geoffrey Oestreicher, that the economic challenges Liberia has now started several years back in the very eyes of international economic policy partners, but they reserved their policy advisory prescription until when the pinch from the bad economic decision of yesterday has started biting the Liberian economy today.
“Partnership for effective cooperation should be the module by which we can coexist, so that we benefit our people and the world at large,” Speaker Chambers asserts. Dr. Chambers furthers that Liberia has heeded to some economic measures proffered by the IMF and is currently executing some strong austerity measures such as reducing government wage bill and spending more on capital projects with an intent to improve the economy. “Liberia cannot cut on her wage bill perpetually”, he intoned.
Mr. Geoffrey Oestreicher , the IMF’s Resident Representative in Liberia stated during the meeting that his organization envisages a clean break from the past fiscal year 2018-2019. He says the IMF will not pullout of Liberia in these difficult times, but will work with Liberia to improve its fiscal and monetary space.
Mr. Oestreicher divulged that the IMF has advanced some economic recommendations to the Liberian Government aimed at promoting stability in the micro economics of the country, reducing inflation, capital flight and adapting a fiscal contraction policy for sustainable gains. Mr. Oestreicher continues by saying that Liberia is heading to the end of a cliff and, as such, they are here to work with the country economic managers to reverse the downward trend of the economy.