Minister Myers Stresses Importance Of Critical Adjustments In PFM Systems
Deputy Finance Minister for Fiscal Affairs, Anthony Myers, has emphasized the urgent need to identify and implement critical adjustments to ensure that financial instruments meet current demands in Liberia’s Public Financial Management (PFM) sector.
Speaking at the opening of a five-day workshop organized by the Public Financial Management (PFM) Reforms Coordination Unit of the Ministry of Finance and Development Planning (MFDP) in Buchanan, Minister Myers highlighted that the workshop aims to provide a “Status Update” on the activities outlined in the 2024-2027 PFM Strategy and Action Plans.
Deputy Minister Myers outlined that the workshop participants will be engaged in an analytical review of financial instruments, pinpointing essential adjustments required to ensure their relevance and effectiveness in addressing the evolving needs of Liberia’s financial system.
He further emphasized the importance of delving into key issues that will guide the review of the 2024-2027 PFM Strategy and Action Plans.
Myers also noted that the discussions will tackle challenges related to budget preparation, approval processes, and execution, including budgetary transfers, as well as the application of various revenue laws.
The MFDP, in collaboration with the International Monetary Fund (IMF), has been working on the development of a comprehensive PFM Strategy & Action Plan for 2024–2027.
The strategy, which was officially endorsed by cabinet on September 13, 2024, is designed to drive significant reforms aimed at improving Liberia’s financial management systems, and as implementation progresses, some activities within the PFM Action Plan are already underway, while others are in the planning stage and set to begin shortly.
This workshop forms a critical part of the Ministry’s ongoing efforts to assess progress, overcome challenges, and ensure the successful execution of the strategy.
A focal point of the technical sessions will be on essential components of the PFM Strategy, particularly the Budget Transfer Law and the Amended and Restated PFM Act of 2019.
These discussions are pivotal in ensuring that Liberia’s financial systems are aligned with global best practices and international standards.
The workshop brings together high-level representatives from various sectors involved in the PFM strategy, including senior officials from the MFDP, key government stakeholders, and international partners committed to advancing PFM reforms in Liberia.
