Deputy Minister for Budget and Development Planning at the Ministry of Finance and Development Planning Hon. Tanneh G. Brunson says the promotion of fiscal decentralization remains a major concern for the government.
Deputy Minister Brunson said that Government is committed to ensuring that fiscal decentralization reforms will be completed.
She made the disclosure at a one day technical session on fiscal decentralization, financial management and local governance teaching module that will enhance the understanding of fiscal thoughts of local governance held at Shark’s Entertainment on Wednesday. She said the management of county and social development funds is some of the measures of fiscal decentralization initiatives government has institutionalized into government fiscal process.
According to the Ministry of Finance and Development Planning Release, Minister Brunson said that public financial management reforms in developing and transitional economies have increasingly required placement of the budget process in the context of devolution of Budget responsibilities.
Liberia’s Budget Minister further disclosed that the Ministry of Finance and Development planning along with the governance commission, ministry of internal affairs and other line ministries and agencies have worked to develop the draft local government Act. She said in the act a chapter is committed to fiscal decentralization and financial management.
The chapter emphasizes the establishment of adequate, identifiable, and reliable sources of own revenues; The Implementation of a sustainable and recurring program of direct revenue sharing; the identification and authorization of local taxes to be levied; ensuring that all devolved and delegated functions are accompanied by the transfer of funds from the central government for the implementations of those functions and ensuring that the allocations of transfers are based on a form on a formula that adheres to internationally accepted good governance standards and practices such as equity, transparency and accountability.
She used the occasion to admonish the participants and officials to continue providing the technical assistances that are needed to help improved Liberia Fiscal Decentralization Programs.
Fiscal Decentralization is designed to look at the fiscal aspects of how Public goods and services are or could be provided and finance by regional or local governments in a devolved system of Government. The technical session was attended by Universities, Colleges, line ministries and agencies of government.