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IMF, World Bank Stress Transparency, Accountability

The Inquirer (Monrovia)
NEWS
October 27, 2004
Posted to the web October 28, 2004

By Melissa Chea-Annan
Monrovia
Two international financial institutions say the Liberian budget of 2004/05
shows some deficiency where expenditure exceeds their anticipated projection.
The International Monetary Fund (IMF) and the World Bank representatives,
addressing a joint press conference in Monrovia yesterday, following a period
of stock-taking of the NTGL's monetary activities, came out with a decision
that there should be no spending outside of the national budget.
According to the two international institutions, it behooves the NTGL to show
seriousness in managing the budget of US$18m because, according to them, "the
international community will feel reluctant to pump money into Liberia and see
nothing."
Both the World Bank Country Director for Liberia, Ghana and Sierra Leone, Mats
Karlsson and the Chief Mission for IMF, Arnim Schwid, said the national budget
needs to be balanced because according to them, there is no money in the
Central Bank of Liberia (CBL) to loan to the Government and moreover, the CBL
is weak and needs to be strengthened.
They also challenged the NTGL to play its part in putting things into
perspective and they in return will play their part. They observed that there
has been some expenditure that exceeded the NTGL's budget and so they warned
the NTGL and NTLA to manage the budget so that such mistake won't be repeated,
since the international community indeed wants to see if the NTGL and NTLA can
manage the budget.
For his part, U.S. Ambassador John Blaney, welcomed the IMF and World Bank
officials and described their meeting as a new beginning of real opportunity
and change for a better Liberia.

   

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