President Ellen Johnson Sirleaf has submitted to the legislature for enactment into law a bill to amendment the Public Finance Management Law to resolve contains gaps and oversights that could be detrimental to the full and robust implementation and intent of the 2009 Act.
The purpose of the act, according to the President is to include more details and specific contents that are germane to creating more checks and balances, accountabilities, responsibilities, authorities, as it relates to public funds, spending, allotments, resources and control.
“This act, when passed into law will govern how ministries, ministers, heads of agencies and autonomous agencies and the Central Bank of Liberia will manage and control public resources and matters related to the management of public finances of Liberia.”
The act also lays out fundamental procedures for the preparation, adoption, execution and final accounts of the National Budget and related matters including, internal control, accounting and auditing of public finances, assets as well as the arrangements for public debt and government guarantees.
With the passage into law of this legislation, government’s goals of the management of public finances will be attained; the president said.
Writes Titus E. Dessie