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Senator Amara Konneh Refutes Allegations of Mismanaging $110.8 Million IMF Funds

by Lennart Dodoo
August 2, 2024
in Politics
Reading Time: 3 mins read
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Senator Amara Konneh Refutes Allegations of Mismanaging $110.8 Million IMF Funds

Monrovia – Senator Amara Mohammed Konneh, Chairman of the Senate Public Accounts Committee, has addressed allegations suggesting his involvement in the mismanagement of USD 110.8 million from the International Monetary Fund (IMF). These allegations arise from an audit report by the Auditor General concerning the Central Bank of Liberia (CBL) for the period between January 2018 and December 2023.

Senator Konneh clarified that these allegations, discussed on Spoon Talk, stem from a misinterpretation of the compliance audit findings of the Central Bank. He accused his opponents of distorting specific observations from the Auditor General’s report to falsely imply that money was illegally withdrawn from the CBL during his tenure as Minister of Finance and Development Planning.

The first observation highlighted a discrepancy in the General Reserve Account, which has shown a negative balance of L$18 billion since January 2018. The second observation noted that three entries, totaling USD 110.8 million, were retroactively posted to the General Reserve Account on November 18, 2021, instead of being included in the December 2020 Financial Reports according to CBL’s standard procedures.

Senator Konneh emphasized that these findings point to issues with CBL’s internal accounting practices rather than any criminal activity. He explained that the CBL management attributed the retroactive postings to recommendations from a previous external audit, but the Auditor General found this explanation unconvincing. He stressed that while an investigation would be necessary to determine any criminal intent, he firmly believes that the transactions in question relate solely to non-compliance with established policies.

Providing context, Senator Konneh outlined the timeline of IMF support to Liberia. In November 2012, the IMF approved US$79.9 million for Liberia, followed by an additional US$45.6 million during the Ebola crisis in 2014-2015. In February 2015, the IMF approved USD 82.1 million for Ebola response, including a USD 45.6 million loan and a US$36.5 million grant in debt relief from the Catastrophe Containment and Relief (CCR) Trust. Additionally, in December 2016, US$17.3 million in direct budget support was disbursed to the Government of Liberia after the IMF completed its fifth and sixth reviews of its Liberia program. He noted that he was not in office as Minister of Finance at the time of this disbursement.

Senator Konneh maintained that the audit findings suggest the CBL made an error in accounting for the Extended Credit Facility (ECF) loan for budget support. These loans, he explained, should have been recorded in the Consolidated Account, not the General Reserve Account, as they are merely pass-through transactions. External auditors identified this error and recommended a prior period adjustment, but the CBL delayed implementing this adjustment due to a late start in the 2020 audit.

The Senator highlighted the critical role IMF support played in Liberia’s economic recovery and stability, particularly during the Ebola crisis. He urged those scrutinizing these transactions to base their analysis on facts and avoid misrepresentations. He argued that the allegations linking CBL’s internal compliance issues to his tenure as Finance Minister aim to disrupt the significant reformist work he and his colleagues are undertaking in the Liberian Senate and the Joint Public Accounts Committee.

Senator Konneh announced that the Joint Public Accounts Committee will resume its public hearings on the audits on Monday, August 5th at 11 am, in the Joint Chambers of the Legislature. He called for transparency and accountability in public financial management and invited the public and media to review the full audit report to understand its findings in context.

Tags: Amara KonnehCentral Bank of LiberiaIMFInternational Monetary FundLiberia
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Lennart Dodoo

Lennart Dodoo

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