7 May 2019

Liberia: MFDP Initiates Pro Poor Credit-Loan Scheme for Employees

The Ministry of Finance and Development Planning has recently signed an agreement known as the Legal Power of Attorney (LPA), with two institutions namely; Guaranty Trust Bank Liberia Limited and the Liberia Cement Corporation to initialize a credit-loan scheme for employees.

The Legal Power Attorney, also co-named MFDP-LPA is expected to alleviate challenges when actualized, according to Deputy Minister for Fiscal Affairs Samora Wolokollie.

Wolokollie said the scheme is the fulcrum of the Pro-Poor Agenda for Prosperity and Development (PAPD) and will ensure the well-being of employees, while also increasing productivity and efficiency.

He said the initiative is part of efforts aimed at easing challenges employees of the ministry have in accessing credit for construction and other purposes.

Wolokollie added that with the financial constraints employees face, the short term borrowing scheme will help them greatly.

He urged employees to borrow within their limits, calling on them to see the scheme as an opportunity to support their financial needs.

Basically, the LPA model re-branded by the MDFP was borrowed from the Liberia Revenue Authority (LRA).

LRA Commissioner General Thomas Doe Nah termed the scheme as 'wonderful' for the country and 'good for the economy'. Nah explained that the initiative is about people taking responsibility to build credit culture where they will have access to resources.

He believes the MFDP in collaboration with the two private entities, and other stakeholders will help the economy greatly, adding that it will enhance the fight against corruption.

"This is good for the fight against corruption, because it will help you achieve whatever you want to achieve, so there will be no need for corrupt acts," CG Nah stated.

The LRA Boss, making reference to the United States, said it is difficult for people to achieve normally without cash credit and, with the launch of the scheme at the MFDP, employees will have opportunities to do many things.

He called on the ministry to increase the vendors, while implying the model of 'seamless' so that employees can not feel the burden.

In addition, CEMENCO Managing Director William Gaignard said his company is working assiduously to produce best quality cement, and is proud to be part of the initiative. He expressed the need for collective efforts in building the country, stating that CEMENCO is here forever.

However, Guaranty Trust Bank Managing Director, Ikenna Anekwe, said the initiative will lead to growth for the economy. He assured Minister Wolokollie of the bank's support to the PAPD. He disclosed that the bank believes in creativity and innovation and the credit scheme is one of the platforms the bank is making use of.

Omar Hamzi, Super Manager of City Builders expressed delight with the initiative, terming it as something good. He lauded the Ministry of Finance for what he called 'believing' in them to form part of the program.

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