Buchanan, Grand Bassa County – Deputy Finance Minister for Fiscal Affairs, Hon. Anthony Myers, underscored the pressing need for “critical adjustments” to Liberia’s public financial management (PFM) instruments to meet current demands. His remarks kicked off a crucial five-day workshop in Buchanan on Monday, organized by the Public Financial Management (PFM) Reforms Coordination Unit of the Ministry of Finance and Development Planning (MFDP).
The workshop is designed to provide a comprehensive “Status Update” on the activities outlined in the ambitious 2024-2027 PFM Strategy and Action Plans. Minister Myers emphasized that participants will thoroughly review existing financial tools, pinpointing essential modifications to ensure their continued relevance and effectiveness within Liberia’s evolving financial landscape.
Discussions will delve into pivotal issues shaping the review of the 2024-2027 PFM Strategy and Action Plans. These include tackling challenges related to the intricacies of budget preparation, streamlining approval processes, and optimizing budget execution, particularly concerning budgetary transfers and the application of various revenue laws.
The MFDP, in close collaboration with the International Monetary Fund (IMF), spearheaded the development of the comprehensive PFM Strategy & Action Plan for 2024–2027. This strategic framework, officially endorsed by the Cabinet on September 13, 2024, aims to drive substantial reforms to bolster Liberia’s financial management systems.
While some activities within the PFM Action Plan are already in motion, others are in the pipeline, poised to commence soon. This workshop serves as a vital platform for the Ministry to evaluate progress, address existing challenges, and pave the way for the successful implementation of the overarching strategy.
Technical sessions will place a significant emphasis on core components of the PFM Strategy, notably the Budget Transfer Law and the Amended and Restated PFM Act of 2019. These focused discussions are crucial in ensuring Liberia’s financial systems not only meet domestic needs but also align with global best practices and international standards.
The workshop has convened high-level representatives spanning various sectors integral to the PFM strategy. This includes senior officials from the MFDP, key government stakeholders, and international partners deeply committed to advancing PFM reforms within Liberia.
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