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Global Financial crisis hits Liberia’s Micro-finance and Exports, experts say |
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Written by Vivian Gartyn
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Thursday, 20 November 2008 |
Microfinance and exports have been identified as areas in the Liberian economy that are experiencing the immediate impact of the global financial crisis.
Financial experts in Liberia say most Liberian-based companies have lost credit lines from overseas banks, which are not replaceable by local banks.
For exports, revenues from rubber and other products are decreasing as a result of the decrease in commodity prices on the world market.
However, the decrease in commodity prices is said to be more beneficial to Liberia as the country imports more than it exports.
The financial crisis is also predicted to have impacts on investment, aid and remittances in the near future.
The comments were made at a one-day economic round table chaired by President Sirleaf on the impact of the economic financial crisis on Liberia.
Several suggestions were made to help government develop responses to the potential effects in a timely manner.
Another economic forum would be held in mid December to look at progress in addressing the situation.
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