In fact, in its November 13, 2017 Report, IMF stated that, “Good progress has been made in fiscal reforms,” meaning Liberian bureaucrats were prudent managers. So, will Liberia’s populist president yield to the call by voters to punish those who violated the laws, including FIBLL? FIBLL used a ponzi type operation, which allowed its clients to overdraw cash from the CBL, resulting into $17M loss to Liberia, all because of CBL governors’ pervasive governance failures and delays of mitigating violations, according KPMG. IMF wrote “…Good progress has been made in fiscal reforms, particularly in public financial management (PFM) (MEFP ¶32–34, and 37). CBL governors, former President Sirleaf, and IMF were aware or should have been aware since 2013 that FIBLL and CBL governors violated Section 2(22) and section 32 of the 1999 Act.

Source: Daily Observer April 03, 2018 02:15 UTC