Liberia’s president cuts salary over country's shattered economy

CAIRO – 30 January 2018: New Liberian President George Weah announced Tuesday in his first speech in the Parliament that he will cut his salary by 25 percent in support of his country's shattered economy, according to CNN channel.

“In view of the very rapidly deteriorating situation of the economy, I am informing you today, with immediate effect, that I will reduce my salary and benefits by 25 percent,” President Weah said.

“Our economy is broken; our government is broke. Our currency is in free fall; inflation is rising,” President Weah added.

He pointed out during his speech that the country's grinding economic situation, the currency depreciation, and inflation, lead the unemployment to hit record levels and the foreign exchange reserves to decrease.

He also had promised to crackdown on corruption, swearing an oath a week ago to the cheers of thousands of supporters who had gathered in a stadium in the capital, Monrovia.

Former world soccer player George Weah was sworn in as president earlier this month after winning the second round of presidential elections last December with 61.5 percent of votes. This is the first democratic transition in Liberia in more than 70 years.

Liberia is one of the poorest countries in the world, and its economy is very weak.This is due to the first Liberian civil war of 1989-1966, which destroyed much of Liberia's economy.