The Government of Liberia through the Reform Coordination Unit at the Ministry of Finance and Development Planning on Wednesday, November 17, 2021, presented several new copies of the Amendment and Restatement of the Public Financial Management Act of 2009 to six ministries and agencies across Government.
The new copies are intended to govern all matters relating to the management of public finances of the Republic of Liberia. It lays out fundamental procedures for the preparation, adoption, execution and final accounts of the national budget.
At the ceremony, the Coordinator for the Reform Coordination Unit, Dr. Emmanuel P. Munyeneh extended "profound greeting", on behalf of the Minister of Finance and Development Planning, Hon Samuel D. Tweah Jr.
According to Dr. Munyeneh, the new copies will also focus on internal control, accounting and auditing of public finances including assets, debt management as well as government guarantees.
‘’ One of the critical amendments includes the responsibility of government officials to timely, comprehensively and accurately report on public funds’’ he explained.
He noted that the Reform Coordination Unit (RCU) requires various institutions to reference the Act relating to public finances, whether it is procurement, budgetary preparation, request for allotment and quarterly financial reporting.
‘’ We are certainly hopeful that this Act will guide you toward the light of transparency, trust and integrity in the dispensation of public resources’’ says Dr. Munyeneh.
Knowing of the role of reforms in the public sphere, the government has set up the public Financial Management Reform Coordinator Unit to serve as a balance for ensuring harmony and sequencing of Public Financial Management (PFM) and other reforms initiatives across government.
It can be recalled that the Amended and Restatement of the Public Financial Management Act of 2009 was signed into law in October 2019 by the National Legislature and approved by H.E. George Manneh. Weah, President of Liberia.