Home Economy CBL Clarifies US$730,000 Payment Issue

CBL Clarifies US$730,000 Payment Issue

by newsmanager

MONROVIA: The Central Bank of Liberia (CBL) clarifies a media report of Tuesday, May 21, 2024, citing the on-going audit report by the General Auditing Commission (GAC) about financial disbursements made during the July 26 Independence Celebration in 2019.
The news article mentioned several disbursements to the Liberia National Police, the National Security Agency, and the Ministry of State for Presidential Affairs, totaling US$730,000.

CBL acknowledges that these payments were made to the named institutions as part of the Bank’s corporate social responsibility (CSR) but vehemently refutes any insinuations or assertions that they were made unscrupulously.

The payments were made by the CBL based on the instruction of the then Executive Governor, Mr. Nathaniel R. Patray as part of the Bank’s Corporate Social Responsibility.
The management of the CBL further clarifies that the disbursements in question were made in support of the National Independence Day celebrations, which historically require substantial logistical and security support. The intent was to ensure a safe and successful event for all Liberians.

CBL recognizes the lack of oversight at the time in not having a formal documented policy guiding these specific disbursements.

However, in 2020 CBL developed a comprehensive Corporate Social Responsibility (CSR) Policy that clearly outlines permissible payments and establishes thresholds for making CSR payments.

While the audit refers to these payments as unsolicited, the CBL asserts that these funds were disbursed in response to implicit operational needs to ensure the success of the July 26 Independence Day Celebrations.

CBL states that it welcomes requests for support under its Corporate Social Responsibility Program, but at the same time, the Bank on its own initiative can recognize and support national needs, i.e. natural disasters, support for the less fortunate in Society, etc.
The current CBL administration under Governor J. Aloysius Tarlue, Jr. remains steadfast in its commitment to transparency and accountability.

In line with this commitment, the CBL is fully cooperating with the ongoing GAC audit commissioned by President Joseph Boakai.

The Bank is committed to upholding the highest standards of financial management and governance.

The Bank appreciates the oversight provided by the GAC and will continue to work diligently to address concerns from the ongoing audit.

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