President Weah Authorizes Loan Repayment Reprieve to Omega Marketers
Monrovia, Liberia – The President of the Republic, H.E. Dr. George Manneh Weah, in continuation of his progressive policies intended to improve the wellbeing of marketers and the entire citizenry, has authorized loan repayment reprieve for Red Light Marketers who were relocated to the Omega Market.
The relocation of marketers from Red Light to the new spacious Omega Market, however, intended to create sanity in the commercial district of Paynesville, apparently disrupted the normal flow of business yields for the marketers that in turn has impeded their commitment to settling loan obligations to lending institutions.
In order to provide some cushion for the marketers, President Weah recently requested the Central Bank of Liberia to prevail on commercial banks and lending organizations to give a period of reprieve for obligated marketers to recuperate from the impact of the relocation exercise.
Subsequently, the Central Bank of Liberia (CBL) has granted a three-month moratorium on loan repayment for all marketers recently affected by the relocation exercise from the Red Light market.
In a CBL mandate, commercial banks and other licensed financial institutions are required to reschedule their loan collection program for the designated months beginning October 1, 2021, and ending December 31, 2021.
The gesture by President George Manneh Weah will ease the burden posed by the apparent disruption in market activities by the movement of stalls to the new Omega site in Paynesville may have caused some merchants – rendering them unable to meet their loan obligations.
The Central Bank has also given Commercial Banks and licensed micro-finance institutions that have “exposures” to the relocated marketers, three months dispensation on their “regulatory classification and provision” of the affected loan facilities.
All those who qualify are asked to contact their respective banks for more details regarding the scheme.
On August 17, 2021, President Weah convened an emergency disaster management and stakeholders meeting at which time he set up a special committee to work with the Central Bank of Liberia for the deferment of Red Light Marketers loan repayment.
During his many visits to the Omega area to assess construction works, the President was made aware of the financial difficulty some marketers would have faced with the relocation exercise and they sought his intervention. The arrangement by the Government of Liberia is intended to mitigate the burden the interruption has caused.
Meanwhile, the construction of additional structures and new pathways that began on the new market ground some months ago in order to make it habitable for thousands of marketers is nearing completion