GOL Adopts Two Financial Management Instruments

Monrovia, Liberia -  The Government of Liberia has adopted two key public financial management regulations: the Amended and Restated Public Financial Management Regulations and the Revenue Sharing Regulations.

 The decision was made at a cabinet meeting presided over by President Joseph Nyuma Boakai on Friday September 13th at the Executive Mansion in Monrovia.

 

 The Amended and Restated PFM Regulations was adopted as the implementing instrument for the Amended and Restated  PFM law of 2019. 

 

The amendment and restatement of both the law and regulations are in support of the 2024 – 2027 PFM Strategy.

 

Among key provisions of the newly adopted regulations are the separation of the functions of the Controller and Accountant General from the Department of Fiscal Affairs and the delegation of revenue generation and expenditure management functions to local government authorities in keeping with the decentralization policy.

 

The Revenue Sharing regulations contains mechanisms for the implementation of the Revenue Sharing Law of 2021 and some provisions of the Local Government Act which has so far remained ineffective due to the absence of the regulations. 

 

The new regulations provides for among other things, revenue sharing between central and local government including county service revenue, natural resource revenue, and real estate revenue among others.