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|“IMF At Critical Stage”|
|Published on April 29, 2008||Email To Friend Print Version
By Jerome Toe
The Minister of Finance of Liberia, Dr. Antoinette Sayeh says the International Monetary Fund (IMF) is at a critical stage in its history, with new leadership working to increase its relevance and responsiveness amidst significant income and budgetary constraints.
Minister Sayeh made the statement yesterday at the opening of a one day seminar for members of the National Legislature in Monrovia.
Finance Minister, Dr. Antoinette Sayeh said in the past few weeks that the recent spring meetings, good progress was been made in improving the governance of the fund and agreed on a new income model for it.
Dr. Sayeh said the initiative of the IMF gives key stakeholders the opportunity to learn more about the IMF following many years at war and that apart from the international community, Liberia has had very little exposure to institutions like the IMF.
The Finance Minister said across the world, there has been misunderstanding about IMF’s policies.
Also speaking at the opening ceremony at a local hotel in Monrovia, the Speaker of the House of Representatives, Hon. Alex Tyler, pointed out that IMF is glaringly reflected in its macroeconomic and financial sector policies; technical assistance and training; participation in Liberia’s debt relief efforts as Liberia is one of the heavily indebted poor countries in the world.
Speaker Tyler said IMF worth commendation in the poverty reduction and growth facility programs. He said these programs were assigned in establishing the requisite track record required for total delivery of the heavily indebted poor countries debt relief status.
He assured IMF of the National Legislature’s fullest cooperation in its endeavor and relies on the objectivities and prudence of IMF reports, requirements and recommendations. He said the national legislature will not hesitate to institute the appropriate legislation.
Meanwhile, the President Pro-Tempore of the Liberian Senate, Isaac Nyenebo, says engaging the Legislators is useful to provide the IMF with accurate and up-to-date information about the IMF, its operations, and policy advice.
He praised the IMF for making the GDP growth in 2008-2010 to be driven by the resumption of diamond, timber, and iron ore, and that the lifting of UN Sanctions on diamond will clear the way for the resumption of diamond production since the end of the civil crisis in 2003.
The IMF sponsored Legislative seminar brought together several lawmakers and other government officials as participants.