GoL Ends Retreat on the Change in the New Fiscal Year calendar

Buchanan, Grand Bassa - The Government of Liberia through the Ministry of Finance and Development Planning with direct supervision from the Department of Budget and Development Planning, over the weekend, climaxed a three-day planning retreat on the change in the GoL Fiscal Year on Friday, October 2, 2020.

Deliberations focused on finalization of the detailed budget timetables (calendars), of the Special National Budget and the New Fiscal Year, as well as a comprehensive Sector Working Group engagement strategy, Public Engagement, and training strategy for the department of budget staff.

 At the closing ceremony, Deputy Minister for Fiscal Affairs, Hon Dr. Samora P.Z. Wolokolie commended the Deputy Minister of Budget and her team for “such exercise and commitment to collaborating with the other departments to ensure the timeline set in the calendar are met”. 

According to him, the budget department is a trailblazer because they had set the benchmark for the continuation of the budget preparation process and execution process of the national budget.

‘’ transitioning in the change of government fiscal year is a key topic that attracts a number of key technical considerations and one of the attractions come from the setting of the timeline by the budget department.’’ He added

He explained how the accounting plays a very important role because revenue projections that are being made have to match with actual expenditures that are reflected in the fiscal report and government consolidated report.

He emphasized that the Department of Fiscal Affairs and the department of the Comptroller and Accounting General need to start thinking on the transition method since the GoL uses the International Public Sectors Accounting Standard when specifically speaks to number three of the Accounting policy changes in the Accounting estimates and errors.

For their part, the Deputy Minister for Budget and Development Planning, Hon. Tanneh G. Brunson and the Deputy Minister for Economic Management, Hon Augustus F. Flomo, in separate remarks, extended thanks and appreciations to employees of MFDP, for the time, contributions, and efforts made to achieve the new proposed plan and policy timeline for the transition of Government’s new fiscal calendar year.

Meanwhile, the revised PFM Law mandates that the Government transitions to a full calendar year (January 1 to December 31) as the New Fiscal Year. 

A special budget for a six-month period, which will run from July 1, 2021, to December 31, 2021, to facilitate a smooth transition to the full calendar year (January 1 to December 31, 2022), will be developed.

In the medium to long run, the new strategy shall endeavor to mainstream the Budget planning process to the development planning process.