IMF Delegation To The CBL Unhappy, Speaks On ‘Wasteful Disbursement’? – GNN investigation Discovered

An alleged wasteful disbursement of funds at the Central Bank of Liberia has reportedly been detected by the visiting delegation of the International Monetary Fund (IMF), the situation according to our source at the CBL has drew the attention of the delegation to questioned the management team of the bank.

The IMF delegation on last Thursday, the 19th of September, 2019, precisely at 4pm paid a visit to the bank to ascertain the facts surrounding the downtrend of the Liberian economy, and to provide solution as to how best this global financial institution could be a help in revitalizing the Liberian economy.

According to GNN source at the bank, two Senators including Maryland County Senator J. Gbleh Bo. Brown formed part of the meeting with the IMF delegation at the bank when several issues including the reported disbursement of funds unaccounted for in the millions in 2018 were highlighted during the discussion.

GNN source further disclosed that during the period of 2018, the CBL allegedly disbursed on a weekly basis US$175,000.00 to the executive for unnamed reasons, while the issue of the US$25 Million which was reportedly released by the bank for mopping exercises was also touched, as the IMF delegation was said to have expressed disappointment on the handling of the Liberian economy by the CBL management team headed by Nathaniel R. Patray, III.

At this meeting, according to GNN source, the issue of the reported printing of a One Thousand Liberian Dollar banknote was also talked about; our source further hinted that some members of the Liberian Senate were opportune to have been part of the IMF delegation visit to the CBL.

Speaking in an exclusive interview with the Chairman of the Senate Committee on Banking and Currency on Tuesday, September 24, 2019, at his Capitol Building office, Senator Albert Marshall Dennis, as to whether he was part of the meeting at the CBL during the visit of the IMF delegation, he said he should have been there, but due to his busy schedule at that time he was not available to form part of the meeting, but confirmed that two Senators were at the CBL meeting with the IMF delegation.

On the issue of the printing of the One Thousand Liberian Dollar bill amongst the other bills, Senator Dennis he welcomed the idea, noting when done it will discourage people carrying huge cash of smaller denominations with them wherever they travels, but rubbished the early printing of the money as being reported, and disclosed that currently the Senate is deliberation.

Investigation continues

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About Cholo Brooks 12575 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.