President George Weah has authorized loan settlement pardon for Red Light Marketers who were relocated to the Omega Market. The marketers whose businesses were disrupted due to ongoing construction work at the red light community could not meet up to their loan settlement with their lending institutions.
President Weah has mandated the Central Bank of Liberia to speak with commercial banks and lending organizations to pardon the marketers to recover from the impact of the relocation exercise and settle before they can start the payment of the loan owe.
According to an Executive Mansion release on Tuesday, September 28, 2021, the Central Bank of Liberia (CBL) has granted a three-month pause 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 release stated that Central Bank has also given Commercial Banks and licensed microfinance institutions who are in contact with the relocated marketers, three months of 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.
President Weah on August 17, 2021, call up 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 postponement of Red Light Marketers loan repayment. During the president’s visit to the Omega market construction sites, the President was made aware of the financial difficulty some marketers would have faced with the relocation exercise and they required his intervention. The arrangement by the Government of Liberia is intended to lessen the burden the interruption has caused the marketers.
The Executive Mansion informed the general public that, the construction of additional structures and new pathways that began on the new market ground some months ago is nearing completion.