A pro-integrity Media Institution, LIBERIA MEDIA ACCOUNTABILITY NETWORK, (LIMAN) has welcomed the prompt decision of the United States Government to render Technical Assistance to the Central Bank of Liberia (CBL) in procuring, processing, and managing the printing of 4-billion Liberian Dollars banknotes.
LIMAN believes that the intervention of the United States of America will restore and repair the damaged public trust and confidence in the country’s monetary sector and other financial institutions. Liberia’s banking and monetary sector has been ravaged and eluded with the lack of trust and public confidence, while the country’s economy has been in an obnoxious condition near collapse.
LIMAN uses the occasion to applaud the Government and people of the United States of America, a longtime ally, for deriving at such momentous assistance package which amongst other things seek to rescue the country’s deteriorating economy. We admonish all stakeholders within the banking and monetary sector to mask themselves with stronger sense of integrity and openness so as to effectively accomplish this standard of accountability at the CBL.
We understand that this technical assistance includes assisting the CBL undertake an open and competitive procurement process for currency printing, tracking the shipment of the currency from the printer to the CBL’s vaults, and properly placing the additional currency into the banking system.
LIMAN hopes that this intervention will set the stage for a new transparent climate that will help in the improvement of clients’ operations, manage compliance, mitigate risks, and enhance the CBL’s future institutional capability as well as internal controls relating to currency printing and management. This, we are optimistic will regain public trust in the banking sector. We want to further command the US Government for assuring the people of Liberia that such initiative will be conducted through a credible, transparent, and traceable process. This, we wholeheartedly believe is a guaranteed pledge that predicts a flawless and reliable arrangement in the interest of the country.
Lastly, LIMAN urges the Liberian Government to firmly commit to its part of the bargaining, and that, it be done in a timely manner so as to assuage this unconditional economy constraint currently engulfed the country owing to the dismal performance of our fiscal managers.
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