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Liberia’s Patray promotes adoption of robust debt management policy in Africa

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The Executive Governor of the Central Bank of Liberia (CBL), Nathaniel R. Patray, is urging financial institutions in Africa to adopt a robust public debt management policy to protect governments.

Speaking at a regional seminar on audit of public debt management organized by the West African Institute for Financial and Economic Management (WAIFEM) in Monrovia, Patray said banking and financial institutions should encourage governments to produce better financial information and publish key debt information to analyze and assess their financial vulnerability and exposure to economic instability.

“Public debt management is an inseparable and indispensable condition for the good conduct and functioning of a country, especially in a market economy which participates in a generally integrated and globalized world economy,” CBL Governor Patray indicated.

He, at the same time, stressed the need for African governments to motivate regulators and supervisors in financial sectors so as to adopt practices that comply with international standards in public debt practices.

“There is a need for appropriate institutional setup and system which can play a vital role in protecting the financial condition of governments by promoting the need for sound public debt strategies and risk management practices,” Patray pointed out.

“The need for prudent debt management has become essential, not only for development but also in ensuring macroeconomic stability, which is important for sustainable growth and development goals of every country,” he added.

Patray also indicated that Liberia has made significant progress in improving public debt management in the country.

“The government has established several agencies as part of the public financial management system, which includes the Public Procurement and Concession Commission (PPCC), General Auditing Commission (GAC) and Internal Audit Agency (IAA) to get on par with international standards,” Patray stated.

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