• President Weah Proposes “New Life Program for Inclusive Finance” Regime, Sources: Executive Mansion News, New DEMOCRAT, News Public Trust, and The INQUIRER
• Tony Blair Assures Weah, Sources: Executive Mansion News, New DEMOCRAT, and News Public Trust
• CBL provides clarity on remittances, Sources: New DEMOCRAT, The INQUIRER, and The New Dawn
• ‘I Received Money from the WFP Contract,’ Says ‘Bishop’ Conto, Source: Daily OBSERVER

President Weah Proposes “New Life Program for Inclusive Finance” Regime, Sources: Executive Mansion News, New DEMOCRAT, News Public Trust, and The INQUIRER

A dispatch from Dakar, Senegal says President George Weah has proposed a new program New Life Program for Inclusive Finance (NLPIF). President Weah said the program is geared towards the promotion of transparency and the fast-tracking of development and growth while ensuring that the special needs of the citizenry are implemented with direct supervision from the Office of the President. The program will also seek to establish a Special Development Fund under the Office of the President.

As proposed by the president, the NLPIF shall not receive funding from the National Budget, but instead will be funded by grants, loans, donations, and other financial assistance or aid received from international organizations, foreign governments or agencies, and other institutions, including foreign and local non-governmental agencies.

More so, the program will seek to ensure that all funds obtained from donors shall constitute public property and be subject to all laws applicable to the use and accountability of public funds including internal and external audit procedures, but will not form part of the state’s treasury. Read more

Tony Blair Assures Weah, Sources: Executive Mansion News, New DEMOCRAT, and News Public Trust

Former British Prime Minister, Tony Blair has held talks with President George Weah during his visit to Dakar, Senegal. Mr. Blair said the meeting was to reassure his support and commitment to the success of the Weah-led administration. He said it was a pledge he made when he initially called to congratulate then President-elect Weah. According to a Dakar, Blair informed President Weah that his organization, the African Governance Initiative (AGI) has been working in Liberia and would like to continue its work under the Coalition for Democratic Change (CDC) administration.

The former British Prime Minister recounted the generic problems faced by most developing countries and that of the 30 countries his organization operates in, which he outlined as infrastructure, electricity, agriculture, basic education, and health. He assured the Liberian leader that if called upon, he would be willing not only to give advice, but help with policies as well as galvanize funds through different channels other than the traditional financing medium that most developing countries may have followed for many years. Read more

CBL provides clarity on remittances, Sources: New DEMOCRAT, The INQUIRER, and The New Dawn

The Central Bank of Liberia (CBL) has clarified that the over USD449 million reported between November 2016 and October 2017 as outward personal remittance comprised all transfers in cash made by residents to non-residents and transfers between resident and non-resident individuals on one hand, while on the other, it also comprised transfers of income of border, seasonal, and other short-term workers who are employed in the economy where they are not resident. “It is the total of all monies remitted through Western Union, MoneyGram, Ria (another money transfer operator) and via SWIFT by individuals and/or businesses to the rest of the world”, the CBL said in a press release.

In the State of the Economy Report dated 27 December 2017 CBL executive governor Milton Weeks reported that over USD449.41 million left the country in personal remittances during the period November 2016 to October, 2017, while inward remittances for the same period recorded USD545.78 from USD588.46 in November 2016 to October 2017, showing a 70.9 percent decline.

“For the 12-month period ended-October, 2017 (i.e. November, 2016 – October, 2017) as compared with the period ended October 2016 (i.e. November, 2015 - October, 2016) the trend of personal remittances suggests a 70.9 percent decline in net inward personal remittances largely driven by substantial increase in outward personal remittances during the current period”, Weeks said.

The CBL notes that reporting that there was USD449.41 in outward personal remittance in 2017 does not in any way suggest that the money was transmitted directly from the bank or transmitted to unidentified foreign accounts, saying, “The CBL wishes to emphasize that the sources of the monies that were remitted were not from the Central Bank of Liberia. In addition, nowhere in the CBL publication does the issue of unidentified foreign accounts arise.”

The CBL clarification followed after former President Ellen Johnson Sirleaf recently said in a BBC interview that she is not aware how over USD449 million left Liberia thru remittances, calling on Mr. Weeks to provide sources for the money. Read more

‘I Received Money from the WFP Contract,’ Says ‘Bishop’ Conto, Source: Daily OBSERVER

‘Bishop’ Manasseh Conto, who is being tried along with Stephen Kettor for allegedly duping a Korean businessman of USD134,000 from a vehicle rental contract with the World Food Programme (WFP), has told Criminal Court ‘C’ that he actually received an unspecified amount from the arrangement. Conto claimed that he received his share of the USD134,000 from co-defendant Kettor, based on a tripartite agreement involving his company, SACS Group, the WFP, and the Korea Trading Corporation that was managed by ‘Pastor’ Kettor. The two men are members of the International Mission for Today Church in the Borough of New Kru Town in Monrovia.

Hungchi Choi, CEO of the Korea Trading Corporation (KTC), during his testimony, alleged that the defendants through his then general manager, Henry Smith – who has been at large since the indictment – entered into a vehicle rental contract with the WFP valued at USD18,445 monthly for five months, from October 2014 to January 12, and up to March 2015, in the name of a fictitious company identified as SACS Group.

Choi also claimed that a payment of USD92,225 was made for the five months, out of which the UN agency’s employees demanded USD12,500 as a kickback, but that KTC did not receive a dime because he was absent when the contract was signed and approved. The contract was to supply vehicles to the WFP to facilitate the delivery of food and other items to victims during the Ebola outbreak. Read more