{"id":68896,"date":"2024-12-10T18:02:56","date_gmt":"2024-12-10T18:02:56","guid":{"rendered":"https:\/\/www.africa-press.net\/liberia\/all-news\/ngafuan-endorses-bailout-for-struggling-commercial-banks"},"modified":"2024-12-10T18:25:38","modified_gmt":"2024-12-10T18:25:38","slug":"ngafuan-endorses-bailout-for-struggling-commercial-banks","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/liberia\/all-news\/ngafuan-endorses-bailout-for-struggling-commercial-banks","title":{"rendered":"Ngafuan endorses bailout for struggling commercial banks"},"content":{"rendered":"

Africa-Press – Liberia. <\/strong><\/span>The government\u2019s $12 million financial package for intervention in the private bank\u2019s bailout has generated both support and criticism here.<\/b><\/p>\n

Liberia\u2019s Finance Minister Augustine Kpehe Ngafuan has strongly endorsed the idea of a government bailout for struggling commercial banks.<\/p>\n

In an appearance on Spoon Talk on December 7, 2024, Minister Ngafuan specifically cited the government\u2019s intervention in the situation of SIB Liberia Limited, calling it a sound economic strategy.<\/p>\n

Ngafuan indicated that such a bailout aims to ensure financial stability, prevent broader economic crises, and protect both depositors and the financial system.<\/p>\n

A typical bank bailout involves the government stepping in to provide financial assistance, which may include direct funding, loan guarantees, or other support mechanisms.<\/p>\n

The goal is to restore confidence in the banking sector and prevent a wider economic collapse.<\/p>\n

Recently, the Government of Liberia, through the Central Bank of Liberia (CBL), intervened with a reported $8 million bailout to SIB Liberia Limited, with an additional $4 million in guaranteed default coverage.<\/p>\n

This $12 million financial package has generated both support and criticism.<\/p>\n

But Minister Ngafuan highlighted the importance of such interventions, stressing that when a bank is in difficulty, it can negatively impact the livelihoods of many people.<\/p>\n

In such situations, he believes intervention is necessary to stabilize the financial system.<\/p>\n

The Liberian Finance Minister, a former bank official, clarified that the CBL played a key role in the bailout process.<\/p>\n

He also noted that discussions were still ongoing about the terms of the financial assistance, particularly whether it would be structured as a loan or a grant.<\/p>\n

He emphasized that both the government and the CBL are working to ensure that Liberia\u2019s resources are protected.<\/p>\n

\u201cThe concept of bailing out a bank is sound, and there are conversations led by the CBL to ensure that the government is not shortchanged,\u201d Ngafuan stated.<\/p>\n

Addressing whether President Joseph Nyuma Boakai personally approved the bailout, Ngafuan reiterated that the CBL, as an independent institution, did not require direct presidential approval for such actions.<\/p>\n

The bailout followed discussions between SIB executives and the Boakai administration, facilitated by former Finance Minister Boimah Kamara and CBL Governor Aloysius Tarlue.<\/p>\n

Despite the government\u2019s efforts, the bailout has been met with criticism.<\/p>\n

Liberia\u2019s former Auditor General John Morlu, has raised concerns, calling the $12 million package a \u201cdangerous precedent\u201d for future financial interventions.<\/p>\n

Ngafuan, while acknowledging all criticisms, defended the bailout, noting that in such circumstances, avoiding action could have disastrous consequences for the broader economy.<\/p>\n

Ngafuan also pointed out that the Liberian government has faced challenges in its dealings with local banks, including allegations of not paying interest on loans taken from them.<\/p>\n

He suggested that once the bank recovers and becomes profitable, the resources used in the bailout should be repaid, ensuring that the Liberian people do not bear the long-term cost.<\/p>\n

As the situation unfolds, it has become a concerning matter that the government will bail out the bank before commencing discussion on repayment.<\/p>\n

For More News And Analysis About Liberia<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Liberia. The government\u2019s $12 million financial package for intervention in the private bank\u2019s bailout has generated both support and criticism here. Liberia\u2019s Finance Minister Augustine Kpehe Ngafuan has strongly endorsed the idea of a government bailout for struggling commercial banks. In an appearance on Spoon Talk on December 7, 2024, Minister Ngafuan specifically […]<\/p>\n","protected":false},"author":84,"featured_media":68895,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234],"class_list":["post-68896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-liberia"],"yoast_head":"\nNgafuan endorses bailout for struggling commercial banks - Liberia<\/title>\n<meta name=\"description\" content=\"The government\u2019s $12 million financial package for intervention in the private bank\u2019s bailout has generated both supp ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/liberia\/all-news\/ngafuan-endorses-bailout-for-struggling-commercial-banks\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ngafuan endorses bailout for struggling commercial banks\" \/>\n<meta property=\"og:description\" content=\"The government\u2019s $12 million financial package for intervention in the private bank\u2019s bailout has generated both supp ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/liberia\/all-news\/ngafuan-endorses-bailout-for-struggling-commercial-banks\" \/>\n<meta property=\"og:site_name\" content=\"Liberia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-10T18:02:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-10T18:25:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/liberia\/sites\/37\/2024\/12\/sm_1733842309.657917.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1128\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/ngafuan-endorses-bailout-for-struggling-commercial-banks#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/ngafuan-endorses-bailout-for-struggling-commercial-banks\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Ngafuan endorses bailout for struggling commercial banks\",\"datePublished\":\"2024-12-10T18:02:56+00:00\",\"dateModified\":\"2024-12-10T18:25:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/ngafuan-endorses-bailout-for-struggling-commercial-banks\"},\"wordCount\":512,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/ngafuan-endorses-bailout-for-struggling-commercial-banks#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/liberia\/sites\/37\/2024\/12\/sm_1733842309.657917.jpg\",\"keywords\":[\"Liberia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/liberia\/all-news\/ngafuan-endorses-bailout-for-struggling-commercial-banks#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/ngafuan-endorses-bailout-for-struggling-commercial-banks\",\"url\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/ngafuan-endorses-bailout-for-struggling-commercial-banks\",\"name\":\"Ngafuan endorses bailout for struggling commercial banks - 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