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Milton A. Weeks resigned as Executive Governor of the Central Bank Governor of the CBL Milton Weeks' resignation early Tuesday left more questions than public speculation about why his resignation rather abruptly underline the controversy surrounding the highly controversial Eton Loan and Eton's fairly demanding demands for a sovereign guarantee from the Liberian government
. resignation takes just over two years after taking over the leadership of the CBL from former Gov. J. Mills Jones, who had been criticized for granting unsecured loans and for the large number of Liberian dollar banknotes
The former governor Weeks, who was still three years of his five-year term, was forced to resign after he resisted the pressure of the highest is the refusal to allow the use of s consolidated accounts of Liberia as collateral for loan agreement of US $ 536.4 with ETON
This, according to sources, led to early problems with this administration, leading to his departure premature. Sources told the Daily Observer that the pressure came from the executive mansion and was based on Governor Weeks' alleged delay / refusal to sign documents authorizing the use of the consolidated government account as a sovereign guarantee for the loan. US $ 536 million. ETON Private Finance
The source of Daily Observer in the CBL also stated that Weeks was also responsible for the ever-increasing exchange rate between the US dollar and the Liberian dollar. According to observers, some people close to the President, it seems, suggested to the President that the Governor did not do much to mitigate the deterioration of the country's economic situation.
However, under the 1999 CBL Act, Governor's weeks could only be removed on indictment by the House of Representatives, which is clearly not evident in this case. At this point, it is unclear whether the resignation of Governor Weeks was requested by President Weah because he is widely speculative or has voluntarily given up his position rather than give in to formal requests to endorse the consolidated accounts. of the Liberian Government as a Guarantee for the Proposed Eton Finance Loan
The public is however inundated with speculation that Weeks' resignation was the result of a quid pro quo arrangement that would see Weeks voluntarily relinquish his post and receive in return for full compensation, including benefits to cover his unexpired mandate. Article 13 (2) of the Law Establishing the Central Bank states: "The Executive Governor, the Deputy Governor or any other Governor may resign by giving notice. to the President in writing. "Section 13 (3) states:" A member of the Board of Governors may be removed from office by a bill of dismissal by the House of Representatives following the conclusions of a majority of the Board of Governors and at the recommendation of the President, for any of the following reasons "(a) Serious breach of duty (b) Improper conduct (c) Conviction of a crime (d) Being declared bankrupt and (e) Violations of Paragraphs (a) and / or (b) Although it is still unclear whether Weeks's apparently voluntary resignation entitles him to full compensation for the remainder of his unexpired term, the The position of President, however, confirmed Weeks' resignation on February 13. His official website President Weah received and accepted the resignation of CBL Governor Weeks
The President, in the release, congratulated Weeks for his service to the nation and wished him good luck in his future endeavors A successor to Governor Weeks will be announced shortly, according to sources from the Executive Mansion.
But Weeks' resignation also comes at a time when the country is experiencing an economic slowdown, as evidenced by the rise in inflation, the continued depreciation of the Liberian dollar The US dollar and high prices of commodities , of which he was apparently held responsible for his perceived inability to attack it successfully.
But according to observers, Weeks did the honorable thing by resigning rather than committing the country to an uncertain future of debt servitude by allowing the use of the GOL Consolidated Fund Account as collateral for Eton and EBOMAF loans totaling just over one billion US dollars.
And the question is: Governor Weeks? "Although the financial agreement ETON has been ratified by both Houses of the Legislative Assembly and signed by President Weah, the stic The question that remains to be settled before the start of the work is the issue of a sovereign guarantee by the Liberian government – a responsibility that had been entrusted to the CBL and that Governor Weeks was reluctant to carry out, according to reports
. According to some sources, maintaining the accommodative stance has made the Weah president furiously and led him to ask for his resignation because it was perceived as a stumbling block to the execution of the valuable road project of the government
. At a hearing On the loan last month, Weeks confirmed that in the event of default of the loan, the Central Bank would badume responsibility through the consolidated account, an evolution that has broad implications for the bank. future of the country [19459017TheUS$5364agreementtofinancetheconstructionoftheCountyofCorkCountyRoadCorridorwbadignedwithETONFINANCEPTELTDaHongKong-basedfinancialentitybasedinSingaporepartsTheloanasplannedwillbedisbursedintwoinstallments-thefirstof50%tobedisbursedwithinfiftybankingdaysofratificationandtheseconddisbursementtobemadewithinsixtydaysafterthefirstdisbursement;orsuchaperiodagreedinwritingbyETONandtheGovernment
This should be done after the date of confirmation of the sovereign guarantee issued by the CBL in the form and on the substance satisfactory to the financing agent (ETON ). These are, however, still to be done. The controversial financier, ETON, would be registered and exist under Singapore laws at the Balestier Hill Mall, 2 Balestier Road # 04-665 S320002, Singapore; but independent investigation reports claim that it is a ghost company
. At the same time, LRA Commissioner-General Elfrieda Stewart-Tamba officially ended his tour of duty at the head of this institution. Ms. Tamba was recently hailed for her outstanding performance at the LRA but, apparently, that was not enough to convince President Weah to nominate her for a second term. It has been speculated that his renewal to this post has been tainted by his flagrant refusal and in principle to accommodate the requirements of CDC Secretary General Mulbah Morlu to hire a number of people in senior positions to the LRA
. congratulated him for ending his term at the LRA.
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