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Eton Loan On Course

-Gov’t Clarifies Reports

By Jackson C. Clay, Jr.

The government of Liberia through the Ministry of Finance and Development Planning (MFDP) has clarified that the loan agreement with Eton Financing PTE is still on course contrary to reports in the public.

Addressing journalists Thursday following a brief meeting with a delegation from Eton Financing Limited, Finance Minister Samuel Tweah said the government is a responsible entity and would only do business with institutions believed to be responsible as well.

“We are at a critical stage where we venture into loan agreement with Eton Financing PTE Limited and what this means is that there are series of steps that have to happen in the realization of this loan and this is why the delegation from Eton is in Liberia on how to begin said processes and it will take some times as we go down that path. At every stage of that process, we will duly inform the Liberian people through members of the media, but let us state one thing here clearly for the record, that there has been lot of rumors that Eton loan agreement collapsed and all those other rumors. The government is a responsible entity that will enter in discussions with entities that it perceives to be legitimate.” Minister Tweah clarified.

Minister Tweah stated that the concerns of the public over the legitimacy and viability of Eton is welcoming, thus, government is still in the business of doing all the necessary due diligence as regard to the loan process and it is not an event thing, but a whole gradual process.

Minister Tweah asserted in clear tone that the loan agreement between the government of Liberia and Eton Financing Limited is not off the table as it has been speculated in many corridors of the country.

“The notion that Eton is off the table is not true. The loan we entered with Eton is a highly concessional loan and as I told our international partner that loan is concessional and anything can have an objection to it concessionally,” Minister Tweah noted.

Minister Tweah indicated that the Eton loan is to provide the government of Liberia would be transferred through the international financial system so as to enable the system verify the legitimacy of the money coming from Eton.

The Finance Minister disclosed that Liberia’s financial partners advised the government to accept the Eton loan should the loan meets all of the necessary international best practices of acquiring loans around the world.

He stated that both the money coming from Eton and the one coming from the World Bank would be accepted and that the necessary supervisions be provided in undertaking the intended project.

It can be recalled that the Liberian Senate and the House of Representatives ratified a loan agreement signed between government of Liberia and Eton Financing PTE Limited in the tone of five hundred thirty-six million United States dollars (US$536m).

Since the signing and ratification of this loan, there has been public outcry over the legitimacy and viability of Eton to providing said fund to the government of Liberia.

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