Buchanan, Grand Bassa – 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, Grand Bassa County, on Monday aims to provide a “Status Update” on the activities outlined in the 2024-2027 PFM Strategy and Action Plans.
County-Deputy Finance Minister for Fiscal Affairs, Hon. Anthony Myers, stressed the urgent need to identify and implement critical adjustments to ensure that financial instruments meet current demands in Liberia’s PFM sector.
Deputy Minister Myers explained in his remarks that the workshop participants would be involved in an analytical assessment of financial instruments, identifying necessary modifications to guarantee their efficacy and relevance in meeting the changing demands of Liberia’s financial system.
He also underlined the need of exploring the main topics that will direct the evaluation of the PFM Strategy and Action Plans for 2024–2027. According to Myers, the talks would address issues with budgetary transfers, budget preparation, approval procedures, and execution, as well as the implementation of different revenue legislation.
The International Monetary Fund (IMF) and the MFDP have been collaborating to create a thorough 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.
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.
