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Central Bank Governor, the resignation of Milton Weeks early Tuesday left more questions than answers as to why he actually resigned. Public speculation about the reasons for his rather abrupt resignation underscores the controversy surrounding the controversial Eton Loan and Eton's rather demanding demands for a sovereign guarantee from the Liberian government.
The resignation of the weeks comes a little over two years after taking the helm at the CBL of former Gov. J. Mills Jones, who had been criticized for distributing unsecured loans and for the big number of Liberian dollar banknotes that the CBL had printed shortly before its departure.
The former GovernorWeeks, who had five mandates in his office, was forced to resign after he had been supported by the authorities in order to authorize the use of the consolidated accounts of Liberia as a guarantee for the United States. $ 5,364 Loan contract with TNON [19659004] This, according to sources, led to early problems with this administration, leading to its premature departure . 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 government's consolidated account as a sovereign guarantee of the $ 536 million loan. ETON Private Finance Dollars. [19659006LasourcedeDailyObserverauseindelaCBLaajoutéqueWeeksétaitégalementresponsabledutauxdechangetoujourscroissantentreledollaraméricainetledollarlibérienSeloncertainsobservateurscertainsprochesduPrésidentauraientsuggéréauPrésidentqueleGouverneurnefaisaitpasgrand-chosepouratténuerladétériorationdelasituationéconomiquedanslepays[19659005] However, under the & # 39; 1999 legislative act that created the CBL, weeks of Governor n & # 39; have been removed on impeachment by the House of Representatives, which is clearly not obvious 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. The Liberian Government as 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 return receive full compensation, including benefits to cover his unexpired term. 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 President's post 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 the future, a successor to Governor Weeks will be announced shortly, according to sources from the Mansion Executive.
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 the high prices of commodities of which he was apparently blamed for his perceived inability to attack it successfully.
But according to observers, Weeks has done the honorable thing by resigning rather than engaging the country in 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's weeks? Although ETON 's financial agreement has been ratified by both chambers of the Legislative Assembly and signed by President Weah, the thorny question that remains before the start of the work is the following. issuing a sovereign guarantee by the Liberian government – a responsibility entrusted to it According to Weeks, Weeks' noncompliant stance, according to sources, enraged President Weah and led him to ask his resignation, he was perceived as a stumbling block to the implementation of the road project prized by the government
. Having appeared before the Senate at a hearing on the loan last month, Weeks confirmed that in the event of default, The Bank would badume responsibility through the consolidated account, a development. which has vast and profound implications for the country's future.
The US $ 536.4 agreement, which is aimed at building the country's coastal corridor – the County Capitals road project connection, was concluded with ETON FINANCE PTE LTD, a Hong Kong-based financial entity. Singapore as parties. The loan, as planned, will be disbursed in two installments – the first of 50% to be disbursed within fifty banking days after ratification and the second disbursement to be made within sixty days after the first disbursement; or such a period agreed in writing by ETON and the government
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 business
. 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 was speculated that his appointment to this post was marred by his flagrant refusal and in principle to accommodate the requirements of CDC Secretary General Mulbah Morlu to hire a number of people in positions of foreground to the LRA
commended him for ending his tenure at the LRA
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