DOCSLIB.ORG

JA DEC ANUARY 1 to CEMBER 3 , 2009 31, 2009 I

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

JANUARY 1, 2009 TO DECEMBER 31, 2009 i CENTRAL BANK OF LIBERIA Office of the Executive Governor January 20, 2010 Honorable Members of The Legislature Capitol Building Capitol Hill Monrovia, Liberia Honorable Ladies and Gentlemen: In accordance with part XI Section 49(1) of the Central Bank of Liberia (CBL) Act, 1999, I have the honor on behalf of the Board of Governors and Management of the Bank to submit, herewith, the Annual Report of the Central Bank of Liberia to the Government of Liberia and the Legislature for the period January 1 to December 31, 2009. P.O. BOX 2048, cnr WARREN ‘n CAREY ST’s, MONROVIA, LIBERIA TEL.: (231) 226-991, FAX: (231) 226-144, TELEX: 44215 i MISSION AND OBJECTIVES MISSION STATEMENT The Central Bank of Liberia was creat ed by an Act of the National Legislature in 1999 as a functionally independent institution which seeks to carry out its statutory responsibility in the public interest. It is to contribute to the sound economic and financial well-being of the country. OBJECTIVES The Bank seeks to achieve this mission by devising and pursuing policies designed to: • Promote, achieve and maintain price stability in the Liberian economy; • Maintain constant regulatory surveillan ce and effective prudential controls over the domestic banking sector, whil e encouraging competition, improved financial services and accessibility for the benefit of the public; • Encourage the mobilization of domestic and foreign savings and their efficient allocation for productive ec onomic activities to engender sustained economic growth and development; • Promote macroeconomic stability; intern al and external equilibrium in the national economy; • Facilitate the creation of financial and capital markets that are capable of responding to the needs of the national economy; and • Foster monetary, credit and financia l conditions conducive to orderly, balanced and sustained economic growth and development. • Provide sound economic and financial advice to the Government. ii BOARD OF GOVERNORS Dr. J. Mills Jones Executive Governor and Chairman of the Board John G. Bestman David K. Vinton Board Member Board Member Mildred Reeves Betty J. Saway Board Member Board Member Samuel W. Thompson Deputy Governor iii BOARD OF GOVERNORS INTERNAL AUDIT RESEARCH, POLICY & PLANNING DEPARTMENT LEGAL EXECUTIVE GOVERNOR BANK SUPERVISION HUMAN RESOURCE MANAGEMENT DEPARTMENT DEPUTY GOVERNOR EXTERNAL RELATIONS GENERAL SERVICES MANAGEMENT INFORMATION SYSTEM BANKING DEPARTMENT FINANCE DEPARTMENT Table of Contents - Foreword by the Executive Governor - Board of Governors - Organizational Structure - Highlights Chapter I: Developments in the Global Economy……………..…… 1 – 4 1.1 Global GDP Growth 1.2 Global Inflation 1.3 Commodity Market Chapter II: Governance……………………………………………… 5 – 9 2.1 The Board of Governors 2.2 Committee of the Board 2.3 Major Issues Considered by the Board 2.4 Communication with Stakeholders 2.5 Key Internal Committees Charter III: Operations of the CBL………..……………………….. 10 – 18 3.1 Risk Management and Audit 3.2 Fiscal Agent for the Government 3.3 CBL Accounting and Finances 3.4 Supervisory and Regulatory Activities 3.5 Research and Publications 3.6 Information Technology (IT) 3.7 Human Resource Management 3.8 Relations with International Institutions 3.9 Regional and Sub-Regional Organizations 3.10 Anti-Money Laundering v Chapter IV: Developments in the Liberian Economy………………. 19 – 39 4.1 Price Developments 4.2 Monetary and Exchange Rate Developments 4.3 Exchange Rate Developments 4.4 Remittances 4.5 Real Sector Performance 4.6 External Sector Developments 4.7 National Stock of Debt Chapter V: Banking Sector Developments…………………………… 40 – 44 5.1 Overview of the Banking Sector 5.2 Structure of the Banking Sector 5.3 Financial Performance of the Sector 5.4 Structure of the Balance Sheet 5.5 Outlook for the Banking Sector 5.6 Commercial Bank Credit 5.7 Interest Rates Chapter VI: Microfinance…………………………………………….. 45 – 49 vi List of Tables Table 1: The Global Economy (Percentage change, Year over year) Table 2: Movements of Selected Currencies against the US Dollar (Percent) Table 3: Year-On-Year Rate of Inflation (2007 – 2009) Table 4: Liberia: Harmonized Consumer Price Index (HCPI) 12 Month Percent Changes by Major Group Table 5: HCPI and Core Inflation (In Percent) (January – December, 2009) Table 6: Liberian Currency in Circulation (2007 – November 2009) (In Millions L$) Table 7: Money Supply and its Sources (December 2007 – November 2009) (In Millions L$) Table 8: Broad Money (M2): Share of US and Liberian Dollars (2007 – November, 2009) Table 9: Monthly Averages of Buying and Selling Rates of Liberian Per US Dollar (January 2007 – December 2009) Table 10: Exchange Rates: Liberian Dollars per US Dollar (January 2007 – November, 2009) Table 11: Remittances: Inflows and Outflows (2007 – November, 2009) (In Millions US$) Table 12: Liberia: Sectoral Origin of Gross Domestic Product (GDP) at 1992 Constant Prices (2007 – 2009) (In Millions US$) Table 13: Key Agricultural and Forestry Production (2007 – 2009) Table 14: Key Industrial Output (2007 – 2009) Table 15: Level of Employment Total Number of Employees by Sector (2007 – 2009) Table 16: Employment by Industry (2007 – 2009) Table 17: Exports, Imports and Total Merchandise Trade (2007 – November, 2009) (In Million US$) Table 18: Commodity Composition of Exports (2007 – November, 2009) (In Million US$) Table 19: Commodity Composition of Imports (2007 – November, 2009) (In Millions US$) vii Table 20: Liberia’s External Debt Profile (As at June 30, 2009) (In Millions US$) Table 21: Outcome of Domestic Debt Verification and Discounting (In Millions US$) Table 22: Financial Soundness Indicators (In Percent) (2008 – November, 2009) Table 23: Balance Sheet of the Banking Sector (In Thousands L$) (2008 – November, 2009) Table 24: Commercial Banks’ Loans by Economic Sectors (2007 – November, 2009) (In Millions L$) Table 25: Interest Rates (2007 – November, 2009) Table 26: Leading MFIs Client Based on Gender and Location Table 27: Liberty Finance Clients based on Gender and Location Table 28: LEAP Client Based on Gender Table 29: BRAC Client Based on Gender and Location Table 30: Outstanding Loan Portfolio (In Thousands L$) viii List of Charts Chart 1: Year-on-Year Rate of Inflation (2007 – 2009) (December, 2005 = 100) Chart 2: HCPI and Core Inflation (In Percent) (January – December, 2009) Chart 3: Liberian Currency in Circulation (2007 – November 2009) (In Millions L$) Chart 4: Money Supply (M1) (In Millions L$) 2007 – November 2009 Chart 5: Broad Money (M2) (In Millions L$) 2007 – November 2009 Chart 6: Broad Money (M2): Percentage Share of US and Liberian Dollars (2007 – November, 2009) (In Millions L$) Chart 7: Monthly Averages of Buying and Selling Rates of Liberian Dollar Per US Dollar (January 2007 – November, 2009) Chart 8: Remittances: Inflows and Outflows (2007 – November, 2009) (In Millions US$) Chart 9: Exports, Imports and Total Merchandise Trade (2007 – November, 2009) (In Millions US$) Chart 10: Commodity Composition of Exports (2007 – November, 2009) (In Million US$) Chart 11: Commodity Composition of Imports (2007 – November, 2009) (In Millions US$) Chart 12: Percentage Distribution of Liberia’s External Debt Profile (As at June 30, 2009) Chart 13: Outstanding Loan Portfolio (In Thousand L$) (January – November, 2009) ix Acronyms Used AACB - Association of African Central Banks ABLL - Access Bank Liberia Limited AfDB - African Development Bank AIG - America International Group ARC - American Refugee Committee ATM - Automatic Teller Machine BOP - Balance of Payments BRAC - Building Resources Across Communities CAR - Capital Adequacy Ratio CBL - Central Bank of Liberia CBN - Central Bank of Nigeria CC - Compliance Committee CCNA - Cisco Certified Network Associate CDs - Certificate of Deposits CEBSA - Central Bank of Liberia Staff Association DRF - Debt Relief Facility ECOWAS - Economic Community of West African States FATF - Financial Action Task Force FIs - Financial Institutions FIU - Financial Intelligence Unit GBLL - Global Bank Liberia Limited GDP - Gross Domestic Product GIABA - Inter-Governmental Action Against Money Laundering GoL - Government of Liberia GTBLL - Gauranty Trust Bank Liberia Limited HCPI - Harmonized Consumer Price Index HIPC - Heavily Indebted Poor Countries IC - Investment Committee IDA - International Development Association x IFC - International Finance Corporation IFRS - International Finance Reporting Standards IMF - International Monetary Fund IOU - I Owe You KYC - Know Your Customer LBA - Liberia Bankers’ Association LBDI - Liberia Bank for Development and Investment LEAP - Local Enterprises Assistance Program LEDFC - Liberian Enterprise Development Finance Company LIFS - Launch or an Inclusive Financial Sector LISGIS - Liberia Institute of Statistics and Geo-Information Services MCPI - Monrovia Consumer Price Index MDRP - Monetary Data Reporting Procedure MFIs - Microfinance Institutions MIS - Management Information Services MMPRC - Money Management and Policy Review Committee MoF - Ministry of Finance MOU - Memorandum of Understanding NDA - Net Domestic Assets NFA - Net Foreign Assets NGO - Non-Governmental Organization NPLs - Non-Performing Loans ODA - Overseas Development Assistance OPEC - Organization of Petroleum Exporting Countries PCCF - Post-Conflict Countries Facility PRGF - Poverty Reduction Growth Facility RBS - Risk Based Supervision SAM - School of Applied Microfinance SD - Supervision Department SDR - Special Drawing Rights SMEs
Recommended publications
  • Sefa Country Profile Template

    Sefa Country Profile Template

    LIBERIA: Rapid Assessment and Gap Analysis Final Report - May 2013 Table of contents SECTION 1. INTRODUCTION 6 1.1. Country Overview 8 1.2. Energy Situation 10 SECTION 2. CURRENT SITUATION WITH REGARD TO SE4ALL GOALS 18 2.1. Energy Access vis-à-vis Goal of SE4ALL 18 2.2. Energy Efficiency vis-à-vis Goal of SE4ALL 23 2.3. Renewable Energy vis-à-vis Goal of SE4ALL 24 2.4. SE4All goals 29 SECTION 3. CHALLENGES AND OPPORTUNITIES FOR ACHIEVING SE4ALL GOALS 30 3.1. Institutional and Policy Framework 30 3.2. Programs and Financing 31 3.3. Private Investment and Enabling Business Environment 40 3.4. Gaps and Barriers 42 ANNEX 1 - EXISTING PROGRAMS AND CORRESPONDING FINANCING FOR CONTRIBUTION TO SE4ALL GOALS 42 ANNEX 2 - INITIATING A SUSTAINABLE ENERGY FOR ALL INITIATIVE IN LIBERIA: SOME SUGGESTED STEPS AND MEASURES 48 ANNEX 3: SLIDES OF REPORT PRESENTATION TO STAKEHOLDERS 55 2 OBJECTIVE The purpose of Rapid Assessment and Gap Analysis is to provide: A quick brief look of the energy situation in the country (Section 1) within the context of its economic and social development and poverty eradication A good review of where the country is in terms of the three SE4ALL goals (Section 2), and A good estimate of the main challenges and opportunities vis-à-vis the three goals of SE4ALL where the major investments, policies and enabling environments will be required (Section 3) A sound basis and background for an Action Plan that may follow as part of the SE4ALL activities in the country EXECUTIVE SUMMARY General context.
  • Annual Report 2010 Investment Facility Investment

    Annual Report 2010 Investment Facility Investment

    Investment Facility Report 2010 Annual Report 2010 Investment Facility Investment European Investment Bank • European Investment Bank • European Investment Bank • European Investment Bank • European Investment Bank European Investment Bank • European Investment Bank • European Investment Bank • European Investment Bank • European Investment Bank African, Caribbean and Pacific Countries (ACPs) Annual ReportAnnual 2010 Overseas Countries and Territories (OCTs) Investment Facility ACP-EU Cotonou Partnership Agreement OCT-EU Overseas Association Decision EIB Operations © EIB – 05/2011 – EN QH-AG-11-001-EN-C ISSN 1725-924X Annual Report 2010 117 Investment Facility 10. EIB addresses European Investment Bank 98-100, boulevard Konrad Adenauer 3 (+352) 43 79 1 L-2950 Luxembourg 5 (+352) 43 77 04 www.eib.org/acp – U [email protected] ACP and OCT External Regional Offices Caribbean/Fort-de-France 1, boulevard du Général de Gaulle 3 (+596) 596 74 73 10 F-97200 Fort-de-France 5 (+596) 596 56 18 33 Central and East Africa/Nairobi Africa Re Centre, 5th Floor, 3 (+254-20) 273 52 60 Hospital Road, PO Box 40193 5 (+254-20) 271 32 78 KE-00100 Nairobi Pacific/Sydney Level 32, ABN AMRO Tower 3 (+61-2) 82 11 05 36 88 Phillip Street 5 (+61-2) 82 11 05 38 Sydney NSW 2000 Australia Southern Africa and Indian Ocean/Tshwane (Pretoria) 5, Greenpark Estate 3 (+27-12) 425 04 60 27, George Storrar Drive 5 (+27-12) 425 04 70 Groenkloof 0181, Tshwane Pretoria South Africa West Africa and Sahel/Dakar 3, rue du Docteur Roux 3 (+221) 33 889 43 00 BP 6935 Dakar-Plateau 5 (+221) 33 842 97 12 Senegal While material appearing in this report may be freely reproduced, the EIB would appreciate an acknowledgement and press clipping.
  • LIBERIA: Rapid Assessment and Gap Analysis Final Report

    LIBERIA: Rapid Assessment and Gap Analysis Final Report

    LIBERIA: Rapid Assessment and Gap Analysis Final Report - May 2013 Table of contents SECTION 1. INTRODUCTION 6 1.1. Country Overview 8 1.2. Energy Situation 10 SECTION 2. CURRENT SITUATION WITH REGARD TO SE4ALL GOALS 18 2.1. Energy Access vis-à-vis Goal of SE4ALL 18 2.2. Energy Efficiency vis-à-vis Goal of SE4ALL 23 2.3. Renewable Energy vis-à-vis Goal of SE4ALL 24 2.4. SE4All goals 29 SECTION 3. CHALLENGES AND OPPORTUNITIES FOR ACHIEVING SE4ALL GOALS 30 3.1. Institutional and Policy Framework 30 3.2. Programs and Financing 31 3.3. Private Investment and Enabling Business Environment 40 3.4. Gaps and Barriers 42 ANNEX 1 - EXISTING PROGRAMS AND CORRESPONDING FINANCING FOR CONTRIBUTION TO SE4ALL GOALS 42 ANNEX 2 - INITIATING A SUSTAINABLE ENERGY FOR ALL INITIATIVE IN LIBERIA: SOME SUGGESTED STEPS AND MEASURES 48 ANNEX 3: SLIDES OF REPORT PRESENTATION TO STAKEHOLDERS 55 2 OBJECTIVE The purpose of Rapid Assessment and Gap Analysis is to provide: A quick brief look of the energy situation in the country (Section 1) within the context of its economic and social development and poverty eradication A good review of where the country is in terms of the three SE4ALL goals (Section 2), and A good estimate of the main challenges and opportunities vis-à-vis the three goals of SE4ALL where the major investments, policies and enabling environments will be required (Section 3) A sound basis and background for an Action Plan that may follow as part of the SE4ALL activities in the country EXECUTIVE SUMMARY General context.
  • Accessbank Liberia Limited

    Accessbank Liberia Limited

    ACCESSBANK LIBERIA LIMITED Independent Auditors’ Report and Financial Statements For the Year Ended December 31, 2015 Assurance | Tax | Advisory Our Shared Values Assurance | Tax | Advisory BAKER TILLY VALUES 1. We lead by example. The Baker Tilly International Mission Statement 2. We deliver a quality service with an emphasis on integrity. To operate a network whose members deliver, with integrity and objectivity, superior independent 3. We are open and honest in all audit, accounting, tax and financial communications. services to clients through global resources and relationships. 4. We act ethically. 5. We foster teamwork and collaboration with other Baker Tilly member firms. 6. We maintain a supportive environment in which our individuals can flourish AccessBank Liberia Limited Independent Auditors’ Report and Financial Statements For the Year ended December 31, 2015 Contents Page(s) Corporate Information 1 Directors’ Report 2 Independent Auditors’ Report 3-4 Statement of Financial Position 5 Statement of Comprehensive Income 6 Statement of Changes in Equity 7 Statement of Cash Flows 8 Notes to the Financial Statements 9-42 Supplementary Report - USD 44-64 AccessBank Liberia Limited Independent Auditors’ Report and Financial Statements For the Year ended December 31, 2015 CORPORATE INFORMATION Directors : Mr. Bernd Zattler Chairman Mr. Patrick Thomas Director Mr. Kyle Lackner Director Mr. Dusko Dimitrov Acting CEO Mr. Monojeet Pal Director Mr. Geegbae A. Geegbae Director Mr. Duannah Kamara Director Acting Managing Director: Dusko Dimitrov Register Office : AccessBank Liberia Limited 20th Street, Sinkor Monrovia Auditor : Baker Tilly Liberia Limited (Certified Public Accountants) Kings Plaza 2nd -4th Floors P.O. Box 10-0011 1000 Monrovia 10, Liberia Company Secretary : Atty.
  • Iv. Liberia's Rural Finance and Agricultural Marketing

    Iv. Liberia's Rural Finance and Agricultural Marketing

    IV. LIBERIA’S RURAL FINANCE AND AGRICULTURAL MARKETING SUB-SECTORS By Chet Aeschliman, FAO–RAF Rural Finance and Marketing Officer with contributions from Alfonso J. Wesseh, National Rural Finance and Marketing, Consultant, FAO Liberia 2007 IV. Liberia’s rural finance and agricultural marketing sub-sectors 142 CAAS-Lib Sub-Sector Reports Volume 2.2 ACRONYMS ACDB Agricultural Cooperative Development Bank of Liberia ACDI Agricultural Cooperative Development International of the United States ADB African Development Bank AFRACA African Rural & Agricultural Credit Association The United States Government’s "African Growth & Opportunity Act" programme AGOA to promote African exports to the USA BIVAC A private firm certifying the quality of exports from Liberia BNF Bureau of National Fisheries CARE Cooperative for American Relief Everywhere, an international NGO CARI Central Agricultural Research Institute of Liberia (Gbarnga, Bong Country) CBL Central Bank of Liberia CBO Community-based organizations CDA Cooperative Development Authority CLUSA Cooperative League of the United States CRS Catholic Relief Services, an international NGO CU Credit union, i.e. a savings and credit cooperative or association EAC A Liberian company formerly owning part of the LBDI ECOWAS The Economic Community of West African States EU European Union FAO Food and Agriculture Organization of the United Nations FAOR The FAO Representative or the entire Representation in Liberia FFA Farmers’ field school FX Foreign exchange GOL Government of Liberia IAS International
  • JANUARY 1, 2008 to DECEMBER 31, 2008 I

    JANUARY 1, 2008 to DECEMBER 31, 2008 I

    JANUARY 1, 2008 TO DECEMBER 31, 2008 i CENTRAL BANK OF LIBERIA Office of the Executive Governor January 27, 2009 Honorable Members of The Legislature Capitol Building Capitol Hill Monrovia, Liberia Honorable Ladies and Gentlemen: In accordance with part XI Section 49(1) of the Central Bank of Liberia (CBL) Act, 1999, I have the honor on behalf of the Board of Governors and Management of the Bank to submit, herewith, the Annual Report of the Central Bank of Liberia to the Government of Liberia and the Legislature for the period January 1 to December 31, 2008. i P.O. BOX 2048, cnr WARREN ‘n CAREY ST’s, MONROVIA, LIBERIA TEL.:MISSION (231) 226-991, AND FAX: (231) OBJECTIVES 226-144, TELEX: 44215 MISSION STATEMENT The Central Bank of Liberia was cr eated by an Act of the National Legislature in 1999 as a functionally independent institution which seeks to carry out its statutory responsibility in the public interest. It is to contribute to the sound economic and financial well-being of the country. OBJECTIVES The Bank seeks to achieve this mission by devising and pursuing policies designed to: • Promote, achieve and maintain price stability in the Liberian economy; • Maintain constant regulatory survei llance and effective prudential controls over the domestic bank ing sector, while encouraging competition, improved financial servic es and accessibility for the benefit of the public; • Encourage the mobilization of dome stic and foreign savings and their efficient allocation for productive economic activities to engender sustained economic growth and development; • Promote macroeconomic stability; internal and external equilibrium in the national economy; Facilitate the creation of financial and capital markets that are capable of • responding to the needs of the national economy; and • Foster monetary, credit and financia l conditions conducive to orderly, balanced and sustained economic growth and development.
  • Microfinance

    Microfinance

    IFC’s Approach How to Contact Us Direct Investment advisory global/Washington DC Middle east & north africa • Establish new commercial microfi nance institutions • Provide management, training, and technical support to Mengistu alemayehu Deepak Khanna • Transform non-governmental organizations into regulated, start-up microfi nance banks in frontier countries Tel: +1 (202) 473-5337 Tel: 971-4-360-1006 Email: [email protected] Email: [email protected] commercially viable microfi nance institutions • Provide capacity building assistance to support the com- mercialization of existing microfi nance institutions Martin Holtmann africa • Provide support to NGOs in underserved regions Tel: +1 (202) 458-5348 • Support the implementation of innovative solutions that Email: [email protected] Tor F. Jansson • Work with commercial banks seeking to downscale opera- Tel: 27-11-731-3176 expand access to fi nance for underserved communities, for tions into microfi nance or expand into banking for small Mark P. Berryman Email: [email protected] and medium-size enterprises example, mobile banking and small deposit mobilization Tel: +1 (202) 458-7613 Email: [email protected] South asia • Partner with organizations such as CGAP and the World Microfi nance • Launch innovative products, for example, local currency Swapnil neeraj lending to microfi nance institutions protecting them from Bank to develop policy and fi nancial infrastructure, for advisory services: Tel: 91-22-42302435 asset liability mismatches example, microfi nance credit reporting Makanda Kioko
  • The Determinants of Interest Rate Spread in Liberian Financial Sector

    The Determinants of Interest Rate Spread in Liberian Financial Sector

    The Determinants of Interest Rate Spread in Liberian Financial Sector By Samwar Samzato Fallah A Research project submitted in partial fulfillment of the requirement for the award of the master degree of business administration (Finance option) of the University of Nairobi October 2012 DECLARATION I declare that this project is my original work and has not been presented for an award of a degree in any other University. Signed:………………………………. Date: ………………………….. SAMWAR SAMZATO FALLAH D61/60877/2011 This research project has been submitted for examination with my approval as the University Supervisor. Signed:………………………… Date:…………………………. Dr. Josiah O. Aduda Supervisor Department of Finance and Accounting School of Business University of Nairobi i DEDICATION This project is dedicated to my parents, Mr. Augustus N. Fallah and Mrs. Kuluku K. Fallah both of whom made my educational sojourn a success and without their parental guidance I wouldn‘t have reached this far. ii ACKNOWLEDGEMENT I express my sincere gratitude and appreciation to my Supervisor, Dr. Josiah O. Aduda for his support and guidance throughout the study. I also acknowledge the support of Mr. Rudolph T. Johnson of the Liberian Bank for Development and Investment who assisted in gathering the data for the study from Liberia. My appreciation also goes to Mr. Alps Briants Fallah and Mrs. Mary M. Fallah, whom I consider my guidance for of their numerous contributions to my education. I also acknowledge the Government of the Republic of Liberia through the General Auditing Commission of Liberia but most especially to Mr. John SembeMorlu, II, former Auditor General of the Republic of Liberia whose tireless efforts made my scholarship program at the University of Nairobi, a resounding success.
  • Treasury International Programs Justification for Appropriations

    Treasury International Programs Justification for Appropriations

    TREASURY INTERNATIONAL PROGRAMS JUSTIFICATION FOR APPROPRIATIONS FY2010 BUDGET REQUEST U.S. DEPARTMENT OF THE TREASURY TREASURY INTERNATIONAL PROGRAMS TREASURY INTERNATIONAL PROGRAMS TREASURY INTERNATIONAL PROGRAMS Justification for Appropriations FY 2010 Budget Request TABLE OF CONTENTS Section 1: Introduction Letter Introducing Treasury’s International Programs Budget Request . v Section 2: FY 2010 Budget Request Summary Table 1: Appropriations and Requests FY 2008–FY 2010 . 1. Summary Table 2: Arrears FY 2001–FY 2009 . 2. Section 3: U .S . Support for the Multilateral Development Banks Overview . 3. • Highlights of Our Request . 4. OF CONTENTS TABLE The Impact of the Crisis . 6. Advancing U .S . Foreign Policy Priorities . 1. 1 Advancing U .S . Efforts to Support the Environment . 1. 2 The MDB Management and Governance Agenda . 1. 3 Section 4: Support for Debt Restructuring Programs Enhanced Heavily Indebted Poor Countries (HIPC) Initiative . 1. 7 Tropical Forest Conservation Act (TFCA) . 2. 1 Section 5: Support for Treasury Technical Assistance Programs Program Mandate . 2. 4 FY 2008 Successes . 2. 5 Annex A: MDB Fact Sheets World Bank Group International Development Association (IDA) . 2. 7 International Bank for Reconstruction and Development (IBRD) . 29. TABLE OF CONTENTS i TREASURY INTERNATIONAL PROGRAMS TREASURY INTERNATIONAL PROGRAMS The Multilateral Investment Guarantee Agency (MIGA) . 31. International Finance Corporation (IFC) . 3. 3 Global Environment Facility (GEF) . 3. 5 Climate Investment Funds (CIF) . 3. 7 Inter-American Development Bank Group Inter-American Development Bank (IDB) and the Fund for Special Operations (FSO) . 39 Multilateral Investment Fund (MIF) . 4. 1 The Inter-American Investment Corporation (IIC) . 4. 3 Asian Development Bank Group Asian Development Bank (AsDB) .
  • Prospects for Islamic Microfinance Under the Existing Legal and Regulatory Framework in Liberia

    Prospects for Islamic Microfinance Under the Existing Legal and Regulatory Framework in Liberia

    28 (2) 2020 IIUMLJ 597 - 620 PROSPECTS FOR ISLAMIC MICROFINANCE UNDER THE EXISTING LEGAL AND REGULATORY FRAMEWORK IN LIBERIA Ibrahim Fofana ABSTRACT There is no specific regulation or legislative framework for Islamic microfinance operations in Liberia. This is largely due to the non- application of Islamic laws in the country, despite the increasing economic strength of Muslims in the country. This article aims to examine whether the existing laws in Liberia permit the establishment and operation of Islamic microfinance. The research employed a qualitative analytical approach, which examines legal and regulatory framework for the microfinance sector in Liberia. The materials and data which include related laws were collected, and analysed inductively to suit the needs of the research. This article argues that, the existing laws including the Liberian constitution and other relevant financial regulations such as, the Central Bank of Liberia Act of 1999, the New Financial Institutions Act of 1999 and the Microfinance Policy and Regulatory & Supervisory Framework for Liberia (MPRSFL) have no objection to the introduction of Islamic microfinance in the country. This research is a first to appraise critically some relevant laws on the legal framework of microfinance in Liberia and its relevance to Islamic microfinance. The Financial Institutions Act of 1999 confers on the Central Bank of Liberia the powers to regulate and supervise all financial institutions in the country, including the microfinance providers. The article concludes that the stakeholders need to continue supporting the microfinance sector, including Islamic microfinance in Liberia by building an appropriate legal ecosystem that providing for a smooth running of microfinance programmes in the country.
  • Crisis Roadmap for Microfinance Institutions: COVID-19 and Beyond.” Technical Guide

    Crisis Roadmap for Microfinance Institutions: COVID-19 and Beyond.” Technical Guide

    CRISIS ROADMAP FOR MICROFINANCE INSTITUTIONS COVID-19 and Beyond Nov. 2019 Matthew Soursourian and Ariadne Plaitakis February 2021 Julie Abrams Acknowledgements This publication was authored by Julie Abrams, CGAP consultant, under the leadership of Ivo Jeník, CGAP senior financial sector specialist. Xavier Faz, CGAP lead financial sector specialist, oversaw this effort. Peer reviews were provided by Dr. Joachim Bald, Practice Leader Risk Management, Frankfurt School of Finance & Management; Daniel Rozas, Senior Microfinance Expert, e-MFP; Dr. Narda Sotomayor Valenzuela, Head of Microfinance Analysis Department, Peruvian Superintendencia de Banca, Seguros, y AFP; Syed Mohsin Ahmed, CEO, Pakistan Microfinance Network; Rosemarie Castro, Executive Director, ECLOF Philippines; Tamar Gogokhia, Financial Officer, JSC Lazika Capital; Denis Khomyakov, CEO, Oxus Kyrgyzstan; Mary Munyiri, CEO, and Raphael Otieno Onyango, Head of Innovation & Strategy, ECLOF Kenya; Georgina Thompson, Executive Director, ECLOF Dominican Republic, for their insightful and helpful reviews; and to Jarri Jung, Head of Financial Institutions, Triple Jump, for providing an investor perspective. Valuable com- ments were also provided by the following people at CGAP: Greta Bull, David Crush, Mariana Martinez, and Corinne Riquet. The author thanks Sizwe Mdluli, CGAP financial sector specialist, for valuable support throughout the research. Consultative Group to Assist the Poor 1818 H Street NW, MSN F3K-306 Washington DC 20433 Internet: www.cgap.org Email: [email protected] Telephone: +1 202 473 9594 Cover photo by Nicolas Réméné for CGAP via Communication for Development Ltd. © CGAP/World Bank, 2021 RIGHTS AND PERMISSIONS This work is available under the Creative Commons Attribution 4.0 International Public License (https:// creativecommons.org/licenses/by/4.0/).
  • JOB VACANCY ANNOUNCEMENT Accessbank Liberia Limited (ABL

    JOB VACANCY ANNOUNCEMENT Accessbank Liberia Limited (ABL

    JOB VACANCY ANNOUNCEMENT AccessBank Liberia Limited (ABL) is a fully-fledged commercial bank, offering in a transparent, professional and sustainable way appropriate financial services to the general lower and middle income strata of the Liberian population with special focus on micro and small entrepreneurs. Our shareholders are multinational entities including AccessHolding, International Finance Corporation (IFC), African Development Bank and European Investment Bank. AccessBank Liberia is currently looking for qualified Liberian to fill the position of: Application Officer Main Responsibilities The Application Administrator shall work as a strategic support staff to the IT Department and be responsible to aid the IT Manager in ensuring that ABL application systems are maintained, available, secured and performance and standard deployment are in line with the Bank standards. Planning, deploying, configuring and maintaining ABL applications and E-banking platform; . Deploying and maintaining ABL electronic channels. Installs, manage and administers database servers and Systems such as MSSQL, MySQL etc. Manages and support the Core Banking Application (myMBS) . Ensure regular database backup, storage, and recovery at all times. Ensure database design, installation requirements and deployment. Assist in conduction training for end user on the use of core banking application (myMBS) and other applications and provide information on resolving problems. Maintains application performance by calculating optimum values for applications parameters; implementing new releases; completing maintenance requirements; . Conducting server patch management on the application servers, Installs new banking software modules, updates or fixes (planning, local testing and in case of new functionalities, train the trainer) . Develop customize reports and basic applications. Function as second level support for questions related to the business functionality of the banking system .