Is the Central Bank of Liberia Broke?

first_img35 employees of the Central Bank of Liberia have been brought under the jurisdiction of the court and prohibited from leaving the country until the investigation into the alleged missing L$16 billion is concluded.Is the Central Bank of Liberia broke? And is it so broke to the extent that public financial instruments held by individuals and institutions are purportedly being reportedly downgraded, is the million dollar question lingering on the kinds of the public.The answer is yes, according to a Liberian financial expert Yanqui Zaza who made the disclosure at a Governance Commission one-day policy forum on the state of the Liberian economy held over the weekend at the Lutheran compound in Sinkor.Mr. Zaza disclosed that the Government of Liberia (GOL) in 2016 owed commercial banks a total of US$ 42,435,165. He explained that an analysis of commercial banks’ loan portfolios shows that three sectors of the economy accounts for the stated amount remained outstanding at the close of the fiscal period. Those sectors, according to him are a) Trade; b) Construction and c) Services, while Manufacturing accounted for a mere 5 percent of the total.He furthered that GOL’s over-reliance on what he calls User taxes which include Excise, Value added, Payroll, Income, Real Estate, Property, Sales and other related taxes to finance its budget is unsustainable because such a practice usually leads to the accumulation of huge debts borrowed from international financial institutions such as the World Bank and IMF.Earlier, the President of the Liberian Bank for Development and Investment (LBDI) John Davies, from whom Mr. Zaza apparently took his cue, had disclosed during his presentation that the severity of this problem has created a situation wherein commercial banks have developed a tendency to display a rather knee-jerk reaction-NEXT- to those presenting GOL contracts and obligations as collateral for lending assistance.Given the growing public outcry against rising economic difficulties induced by the current liquidity crisis and given the importance that the Daily Observer attaches to this matter, several attempts made over the past few weeks to contact the Central Bank Governor or any of his functionaries for comment proved futile until late Sunday evening when this newspaper finally succeed in establishing contact with Mr. Cyrus Badio, Public Relations Manager at the Central Bank.When asked for comment on Mr. Zaza’s averments that the Central Bank of Liberia at the close of fiscal year 2016 owed commercial banks to the tone of US$42,435,165, Mr. Badio replied that he could not comment since such information was not availed to him, however promised to contact the relevant individuals clothed with the authority to speak on such matters. He did not say when, although requested the Daily Observer to hold on to its story until he had done so.Meanwhile the Daily Observer has confirmed its readiness to publish the Central Bank’s comments in reaction to Mr. Zaza’s comments.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

Transfer Spotlight: The Roma starlet Arsenal have their eye on

first_img1 Sanabria in action against Real Madrid Arsene Wenger is looking to strengthen Arsenal’s front line in the January window, and the Frenchmen has today been linked to out-of-favour Roma starlet Antonio Sanabria, according to reports in The Daily Mirror.talkSPORT’s Transfer Spotlight takes a closer look at the former Barcelona academy product.Name: Arnaldo Antonio Sanabria AyalaDate of birth: 4 March, 1996Birthplace: San Lorenzo, ParaguayPosition: StrikerClub: RomaInternational Appearances: Three (Paraguay)What’s the latest?Reports in Italy are linking the Gunners with a move for the 18-year-old, who has failed to break into the Roma first-team squad. It is thought Arsene Wenger is set to launch a bid in the January transfer window, with half an eye on the future.Did you know?1) The forward started his career in futsal before moving to football, he started playing in Paraguay, before his parents moved to Spain, and later joined the Barcelona academy in 2009, aged just 13.2) At 16 years of age, the San Lorenzo-born man was invited to train with the Catalan giants first-team and, just a year later, was promoted from the youth squad to the Spanish club’s ‘B’ team. The promising youngster went on to make his debut in a 1-0 defeat to RCD Mallorca.3) After rejecting a new contract at Barca, a clamber of clubs chased his signature but he chose to move to Sassuolo before completing a switch to Roma in July 2014.4) His finishing prowess has been compared to Javier Hernandez by experts due to his clinical nature in front of goal, the 18-year-old bagged three goals in ten appearances for Barcelona ‘B’.5) Described on the Roma Official website as ‘one of the most exciting and promising 18-years-olds on the planet.’ The youngster has already been capped by his country and made his debut in a 3-3 friendly draw with World Cup winners Germany in 2013.Video EvidenceA compilation of the South American’s talents…last_img read more

STARTERS ORDERS Tuesday

first_imgWhat’s your view?CALL STAR SPORTS ON 08000 521 321 [dropcap]W[/dropcap]elcome to Starters Orders. Our daily midday update from the trading room at Star Sports with our key market movers for the day across all sports.Tuesday 22 DecemberRACING12.40 WolverhamptonLuis Vaz De Torres 11/1 > 7/11.50 ClonmelIndian Fairy 7/2 > 2/12.30 SouthwellYul Finegold 9/4 > 7/43.30 WolverhamptonGulland Rock 13/2 > 7/2(All prices subject to fluctuation)last_img