IPNews-Monrovia: Samuel Tweah, Minister  of finance and Development Planning has described the current state of the nation’s  economy as challenging contrary to huge expectations and envisions by citizens on the urgent need for micro- finance initiatives as a give way to stability.

He stated that the involvement of the International Monetary Fund is a clear manifestation of Liberia’s commitment to building a strong confidence and attract other partners to helping Liberia fight the rising inflation.

Minister Tweah who just return from the IMF Spring meeting disclosed the importance of the wage harmonization bill is intended to boost the under-cut the creeping economy of the nation and prove more equity in the social, political arena.

He attributed the rise of inflation and scarcity of Liberian dollars to the lack of financial control,  noting that the country budget always exceeds its revenue which leads the country into serious deficit.

Minister Tweah said Liberia is on its path to wage reform with the understand that the previous monetary policy is no longer workable in the economy recovery process noting that the government has developed a new monetary policy in as matriculating from using reserve to the introduction of a new monetary framework to use interest rate.

The minister said, the process of salary harmonization has met the approval of the three branches of government noting that 80 percent of the monies deposited into government consolidated account will exclusively be used for the payment of salaries something which is yet to take effect.

The Minister mentioned that the government is making tremendous effort to close the gap and clean the payroll from 74. 000 to 64.000 employees to reduce the unnecessary overcrowding of the payroll adding that since the inception of this government the wage has grew from 100 to 300 million and the government is subsequently contemplating on finalizing the wage bill on 289 million.

He admitted the scarcity of Liberian dollars on the market something he said will only be address when Liberians develop interest in saving with the bank with more interest on the CBL bank note. He used the opportunity “the saving rate is low, and inflation is high” said minister Tweah.

The minister made the statement when he appear as a live guest on one of Liberia’s premier morning talk shows, the ‘ELBC super morning show’, as he deliberated on several key issues ranging from finance to other broad sectors.