A key focus of the new Ministry of Finance and Development Planning is to continue ongoing work around public sector financial management reform. The Public Financial Management (PFM) sector, like many others, suffered severe decline during the civil crisis as transparency and accountability in the use of public resources became almost nonexistent. Most of the PFM institutions collapsed, systems failed, and human capacity deteriorated culminating in a situation in which there was near complete absence of procedures in the application of public resources. With assistance from our developpment partners, the Government enacted the PFM Act in 2009 to strengthen greater transparency and accountability around public resources.
A PFM Steering Committee (SC) is in place and responsible for strategic oversight of the reform program. It provides policy coordination and serves as the forum for resolving strategic issues impeding or attending program implementation. It is chaired by the Minister of Finance and Development Planning, and includes the Minister of Justice, Minister of Internal Affairs, Minister of State for Presidential Affairs, Director General of the Civil Service Agency, the Auditor General, General Auditing Commission (GAC), and Executive Director General, Public Procurement. The committee meets quarterly.
The Project Technical Committee (PTC), is the forum where all Component Managers provide status updates on the implementation of their program activities. Theme Leads are selected by the respective beneficiary departments or agencies for each of the five components of the Project. The PTC meets monthly.
At the technical and operational level, the Reforms Coordination Unit (RCU), set up in 2010 and headed by a Coordinator, is in charge of the day to day operational administration of PFM coordination.
The Government has adopted a PFM Strategy and Action Plan (2010-2014) as the framework for the re-introduction of the necessary institutions, processes and procedures meant to enhance the PFM systems in Liberia.
The Ministry of Finance and Development Planning works broadly to support PFM related goals, objectives and benchmarks. The PFM Action Plan is being funded by the , the Government of Liberia and its development partners, through the administration of a multi-donor Trust Fund, a 28.55 million dollar fund in providing under the Integrated Public Financial Management Reform project (IPFMRP).
An integral part of this effort is the creation and rollout of the “The Integrated Financial Management Information System” (IFMIS)-a budget management and accounting system being implemented by Government of Liberia (GoL) through the Ministry of Finance and Development Planning to improve Public Expenditure Management processes, enhance greater accountability and transparency across Ministries and Agencies. The IFMIS is designed to make use of modern information and communication technologies to help GoL plan and use its financial resources more efficiently and effectively.
Implementing the PFM Action Plan and Strategy is a core business function of the new Ministry and the unit is a key reporting entity within the Office of the Minister of Finance and Development Planning.