Ministry of Finance climaxed a three-day working session on the PFM Strategy & Action Plan

Monrovia, Liberia - The Ministry of Finance and Development Planning through the Reform Coordination Unit has climaxed a three-day working session on the Public Financial Management Strategy and Action Plan.

The working session, held from July 2-4, 2024, in Ganta, Nimba County, was meant for the Reform Coordination Unit to facilitate all Ministries, Agencies, and Commissions to redesign their projected detailed activities from the 2023-2026 Public Financial Management Strategy and Action Plan (PFMSAP).

The PFMSAP is aligned with the RCU outputs, and outcomes identified in the near-term action plan for implementation in 2024.

About 35 technicians from Ministries and Agencies were allowed to review and remove their activities from the Public Financial Management Strategy and Action Plan (PFMSAP) to an Annual work plan of individuals’ components per the Strategy based on their relevant achievements of outputs and finalization.

Additionally, Ministries and Agencies will have a critical role under the new Action Plan Ministries to develop and implement activities that contribute to the realization of identified outputs and outcomes. The realignment was informed by gaps identified in the 2023-2026 PFMSAP and the report proposes a limited number of priority actions that are more likely to improve Liberia’s economic growth and fiscal management.

Moreover, the technical Assessment report will be a key benchmark for pending budget support from the European Union.

A Technical Assistance Mission was fielded by the IMF AFRITAC WEST 2 from April 16-24, 2024 to assist the Liberian government develop a near-term result-oriented action plan for the PFMSAP for FY2024.

As a result of that exercise, the thematic areas were impacted from 9 to 7 and the outcomes from 61 to 17. Hence, the revised Plan now has 23 outputs and 54 milestones, with 23 milestones to be realized in 2024, 18 in 2025, and 13 in 2026, respectively.